Economy moves closer to 'high-income' status

China will take a solid step toward becoming a high-income country this year, creating more space to deepen reform and expand opening-up, economists said on Friday.

A more balanced growth pattern will help the world's second-largest economy pass the "middle-income trap", with consumption and hightech manufacturing leading growth, they said at a Beijing seminar leading up to the 2019 China Development Forum, which starts on Saturday.

After decades of rapid GDP growth, China's economy has entered a new era of moderately slowing expansion and a transition to a high-quality growth model. That has pushed economists to reconsider some long-term issues, such as whether the economy would cool down sharply before a considerable rise in wealth, especially after a period of fast growth.