Abstract: Journal of Global Perspectives on Society, Culture, and Development

Abstract:
His paper examines the challenges China faces in advancing to the ranks of the world's richest economies. Using the metaphor of an "elephant in a cage," the study builds on the earlier "bird in a cage" analogy, reflecting the tension between market forces and political control in China’s economic development. The analysis explores the historical tra jectory of Chinese economic reforms, the structural constraints impeding further convergence with high-income nations, and the risks posed by excessive savings, financial repression, capital flight, demographic decline, and governance in efficiencies. The findings suggest that sustained economic growth and full convergence with the G7 economies require comprehensive institutional reforms, including privatization of state-owned enterprises, financial sector liberalization, and a stronger rule of law. Without such changes, China’s progress may stall, reinforcing systemic inefficiencies and long-term stagnation.