Justin Yifu Lin, former chief economist and senior vice-president at the World Bank and professor of economics and honorary dean of the National School of Development at Peking University, is one who is confident China will meet the target of becoming a high-income country.

Justin Yifu Lin, former chief economist at the World Bank and professor of the National School of Development at Peking University. Kuang Linhua / China Daily

He believes that its economy has huge scope for fast growth over the next 15 years without even changing its existing investment-led model, which others argue might itself cause a bust.

His view is based on the fact that China reached a per capita income of 21 percent of that of the United States in 2008. Japan achieved that level in 1951, Singapore in 1967 and South Korea in 1977 and all grew at above 7.5 percent or more annually for 20 years thereafter.

"What drives income levels is an improvement in labor force productivity. This requires continuous technology innovation and industrial upgrading," he says.

China, according to Lin, has what he terms a late development advantage in that it does not need to develop its own new technology but can just copy that which exists elsewhere.

"China has realized this advantage in its first 30 years of development after reform and opening up and there is no reason why it shouldn't continue to do so. It can innovate and upgrade its industry (and boost incomes) by imitating the technology of developed nations. It involves much lower costs and risks than developing its own technology."

But some are not as confident as Lin that China will escape the middle-income trap.

Sharma, also author of Breakout Nations: In Pursuit of the Next Economic Miracles, believes there are big dangers in the government setting relatively high growth targets such as the current 7.5 percent to achieve high income status.

"I think the risks of China failing to become a high income country have gone up markedly in the last 18 months or so. I think the current growth targets are far too ambitious. The risk is of taking on too much debt to achieve that target. The economy is at risk of becoming dangerously unbalanced.

"There is an old saying, better late than never, and I think that particularly applies to China right now."

Zhu, at the Shanghai Advanced Institute of Finance, also believes there are major risks and that the government should avoid targets for GNI per capita income.

"It has been setting a clear target for economic growth and I think it is now moving away from this and developing a GNI per capita mentality."

He believes they would be better targeting the Gini coefficient, which measures income inequality. China's official measurement was 0.474 in 2012. The scale is from 0 for perfect equality to 1 which is completely unequal. Anything above 0.4 is high and some countries such as South Africa have consistent ratings above 0.6. A survey by Southwestern University of Finance and Economics in Chengdu says China's measurement was 0.61 in 2010.

"I think the real figure (for China) is probably somewhere near that (0.61), although it is difficult to assess. I think this is becoming an increasingly pressing issue for China. "