Tables and figures -- Preface -- Abbreviations -- Contributors. Introduction / Naoyuki Yoshino, Peter J. Morgan, and Bihong Huang -- Transitioning from low-income growth to high-income growth: is there a middle-income trap? / David Bulman, Maya Eden, and Ha Nguyen -- The middle-income trap: lessons from Latin America / Eva Paus -- Economic growth and the middle-income trap: the People's Republic of China's challenges / Xiaolu Wang -- Manufacturing as the key engine of economic growth for middle-income economies / Dan Su and Yang Yao -- Service sector growth and the middle-income trap: the case of the People's Republic of China / Yanrui Wu -- Globalization, structural change, and interregional productivity growth in the emerging economies / Jagannath Mallick -- Housing prices and investment: an assessment of the inland-favoring land supply policies in the People's Republic of China / Libin Han and Ming Lu -- Inequality, aging, and the middle-income trap / Chen Wang and Jiajun Lan -- Distortions, growth catch-up, and sustainable growth / Xiaojing Zhang, Cheng Li, and Yu Li -- Why geographic dispersion before its time: industrial policy and economic geography in the People's Republic of China / Yiyun Wu and Xiwei Zhu -- Does fiscal decentralization help Indonesia avoid the middle-income trap? / Darius Tirtosuharto -- Credit market development and firm innovation: evidence from the People's Republic of China / Chun-Yu Ho, Xin Li, and Weimin Zhou -- Innovation and firm performance in the People's Republic of China: a structural approach with spillovers / Anthony Howell -- Index.