The International Monetary Fund (IMF) uses three key criteria to distinguish advanced economies from emerging markets and developing economies: per capita income level, export diversification and integration into the global financial system.

The IMF recognizes 41 developed economies, a list that does not include China. In 2023, China’s per capita GDP was just 15 percent of that of the U.S. and 22 percent of the average for the 41 advanced economies. As the chart shows, classifying China as developed would imply that over 80 countries worldwide should also be considered developed – an assessment misaligned with the realities of global economic development.