"Made in China 2025," is a state-led industrial policy that seeks to make China dominant in global high-tech manufacturing. In recent decades, the Chinese government has taken steps to improve its competitiveness by shifting the economy away from low value-added manufacturing to a high-tech, high- productivity economy. China 2025 is intended to push the economy through this difficult transition and overcome the so-called middle-income trap. The program aims to use government subsidies, mobilize state-owned enterprises, and pursue intellectual property acquisition to catch up with-and then surpass-Western technological dominance in advanced industries. However, Critics say that China is distorting global markets by prioritizing political considerations over economic incentives. 1a Define the concept of "middle-income trap" and discuss the causes of the "middle-income trap" that has troubled many other developing countries. [3 marks] A - BIU xz x D C vigilation.menasheduECERC BEN O 13CARE1b) Do you believe "Made in China 2025" is a policy initiative which could transform the industrial profiles in China and help China to avoid "middle-income trap"? Elaborate your argument. [4 marks] A BI U X2 X2 ABC 123 Report q Ic) What are the main criticisms of the "Made in China 2025"? On what ground critics believe the policy initiative is distorting global markets [3 marks] ABIUXZ evigilation.monash.eduECE#FCHOW. O 9 9 13.C