The call for realization of 'China Dream' by the current leadership led by Presdient Xi Jinping includes among other things, realization of the 'xiaokang shehui' in 2019 and attain the status of 'developed country' by 2049. Given this kind of thinking, it won't be wrong to hypothesise that the Chinese leadership considers itself to be a developing country. However, the Chinese leadership has been very sophisticated in changing its labels from that of a 'developed country' to a 'developing country'. Given that it qualifies already as a great power only behind the US, it is perplexing for many China watchers that why does China still consider itself a 'developing country'.