The wealth redistribution would benefit ordinary families, boost consumption and rebalance the economy. Crucially, China has the tools to minimise the short-term pain needed to achieve this.

The convenient subway system in big cities and the country’s expansive rail network make car ownership unnecessary and exploring China easy. Investment in public transport in the US would not only fuel the economy and create jobs, but help low-income communities, reduce emissions and revitalise urban areas.

Creating advanced industries which generate high profits is essential for countries that want to avoid the middle-income trap. While one industry alone cannot lift China to high-income status, its success in the booming EV sector is just the kind of progress needed to secure a prosperous future.