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The middle income trap occurs when a country's growth plateaus and eventually stagnates after reaching middle income levels. China became a middle-income country in 2012 after its per capita GDP exceeded ,000, according to the National Statistics Bureau.

The method also stipulates that outbound investment projects of at least 0 million or those in "sensitive countries and regions" or "sensitive industries" will be the focus of regulatory supervision and examination.

The ministry also urged efforts to accelerate digitalization among those firms to nurture new drivers for the economy, and further improve the construction of the public service system.

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The meeting reiterated the imperative to step up medical management, epidemiological research, isolation and treatment of asymptomatic patients. The management of recovered patients who tested positive again will also be bolstered.

The ministry said the key term for the Lunar New Year holiday is "consumption upgrade", as Chinese shoppers spent more on restaurants, retailers and movies, with higher quality and diversified products and services gaining popularity.

The maximum speed of China's current bullet trains rose to 350 kph when the Fuxing (Rejuvenation) bullet trains started operating between Beijing and Shanghai in 2017. The country's maglev train conducted a successful test run in June, reaching a designed speed of 600 kph.

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The meeting also heard the report of the deliberations of a treaty on the transfer of convicted criminals between China and Pakistan.

The meeting took place before the delegation attended the seventh session of a dialogue mechanism between the ruling parties of the two countries in Beijing.

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The memorial will help introduce the history of the association to the public and better promote its spirit of patriotism, responsibility, progress and obligation, Qiu Xin, chairman of Shanghai Journalists Association, said while addressing the opening.

The ministry urged local authorities to analyze the impact of a possible flood and evacuate to safety people in the affected areas the same day. The evacuees are not allowed to return until the threat subsides.