Why is China still referred to as a "developing country"?

I am at a loss on this subject. Currently, China has an economy bigger than France, England, Germany, Brazil, etc., and they are all considered developed countries. There are 660 settlements classified as "cities" in China, a staggering 95 of which have more than 1 million. The label of "developed" or "developing" is quite skewed, and I'm wondering what your view of a developed country is.

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Because vast swathes of its population still live in utter poverty; massive areas of the countryside are underdeveloped without even electricity, running water or access to vital services; because its economy is nowhere near integrated globally as developed ones are; because its political system is in its infancy and is completely unstable, unpredictable and volatile; because most chinese people can't access education, healthcare and social welfare; because there is so much disparity between rich and poor....there are many more reasons

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