What you mean to say is China is a developing country. Please leave the old out dated and irrelevant cold war propaganda terminology in the past where it belongs. Remember, Switzerland and Sweden are both canonical examples of third world countries: they were allied with neither the UK/US block or the China/USSR block. Likewise, just because a country is a first world country doesn't mean it's rich -- some of the poorest countries in the world are first world countries, like Namibia.
Third World
noun
the developing countries of Asia, Africa, and Latin America.
> Over the last few decades since the fall of the Soviet Union and the end of the Cold War, the term Third World has been used interchangeably with the least developed countries, the Global South, and developing countries to describe poorer countries that have struggled to attain steady economic development, a term that often includes "Second World" countries like Laos. This usage, however, has become less preferred in recent years.[1]
Remember that words can change meaning over the years, even if they do not remain true to their old meanings. This is just another way our language evolves. An attachment to the old meaning of a term is usually not going to sway people's opinion of the word's definition.
They have about 900 million people living on $7 or less per day. Half a billion people there are living on $3-$4 or less per day. Of the poorest two billion people on earth, more than 1/3 are in China. Their income numbers for the bottom 50% compare with the poorest nations on earth.
Granted, the problem with China is it possesses the most inequality of any major nation between the top 50% and the bottom 50%, due to the vast rural vs east coast gap in incomes. The nation with the second most billionaires, that has half a billion people living as subsistence farmers.
Please use the proper terms: developed and developing.
First vs. third world problems, I guess.