China could become a high-income economy before 2030 if it adopts an economic strategy fostering innovation, upgrading, inclusiveness and green growth, according to a report issued on Saturday by the Asian Development Bank and Peking University.

The ingredients listed in the report for turning China into a high-income economy include policy steps to encourage more innovation and industrial upgrading. Deepening reforms of enterprises, the labor and land markets, the financial sector, and the fiscal system are key. Increasing support for education, developing high-value services, managing urbanization effectively, and creating conditions for "greener growth", are the other crucial elements of a healthier development model, according to the report.