Per capita income to rise by up to 50% by 2030

Emerging economies such as China and India can boost the average individual income of their citizens by as much as 40 percent to 50 percent by 2030 by once again pursuing vigorous economic reforms, according to a report by Standard Chartered Research on Wednesday.

"We believe that the key for China over the next decade or two is boosting household incomes," the report said. "Strong wage increases in recent years have helped."

As the size of the country's labor force continues to expand at a slower pace, China's comparative advantages will be diminished.

"We hope that labour-productivity growth - thanks to education, better equipment, etc - will continue to mean labour can be paid more of the returns to growth," the report said. "This will be a fundamental driver of household income growth."