The real (inflation-adjusted) incomes of the poorest half of the Chinese population increased by more than four hundred percent from 1978 to 2015, while real incomes of the poorest half of the US population actually declined during the same time period. https://www.nber.org/system/files/working_papers/w23119/w23119.pdf
Real wage (i.e. the wage adjusted for the prices you pay) has gone up 4x in the past 25 years, more than any other country. This is staggering considering it’s the most populous country on the planet. https://www.youtube.com/watch?v=Cw8SvK0E5dI
I’m already well aware of the poverty elimination and salary increases, not denying China the amazing progress it has made, but being richer and having slight social mobility doesn’t hugely change my mind much on the importance of equality.
I guess I’d be interested to see a sort of “Net income equality” that takes into account stuff like debt and rent. It probably exists.
I think inequality is a problem that China needs to solve. I’m just pointing out that there are other aspects to how China is developing that are very different from the US. There are also positive developments on the inequality front with a exodus of high net value people. And on a related note, private sector is also on the decline. So, it seems that the party is actively addressing the problems that were created during the opening up era.
While inequality in China is still high, you have to look beyond a single metric to make a meaningful comparison.
90% of families in the country own their home giving China one of the highest home ownership rates in the world. What’s more is that 80% of these homes are owned outright, without mortgages or any other leans. https://www.forbes.com/sites/wadeshepard/2016/03/30/how-people-in-china-afford-their-outrageously-expensive-homes
The real (inflation-adjusted) incomes of the poorest half of the Chinese population increased by more than four hundred percent from 1978 to 2015, while real incomes of the poorest half of the US population actually declined during the same time period. https://www.nber.org/system/files/working_papers/w23119/w23119.pdf
Real wage (i.e. the wage adjusted for the prices you pay) has gone up 4x in the past 25 years, more than any other country. This is staggering considering it’s the most populous country on the planet. https://www.youtube.com/watch?v=Cw8SvK0E5dI
From 1978 to 2000, the number of people in China living on under $1/day fell by 300 million, reversing a global trend of rising poverty that had lasted half a century (i.e. if China were excluded, the world’s total poverty population would have risen) https://www.semanticscholar.org/paper/China’s-Economic-Growth-and-Poverty-Reduction-Angang-Linlin/c883fc7496aa1b920b05dc2546b880f54b9c77a4
From 2010 to 2019 (the most recent period for which uninterrupted data is available), the income of the poorest 20% in China increased even as a share of total income. https://data.worldbank.org/indicator/SI.DST.FRST.20?end=2019&%3Blocations=CN&%3Bstart=2008
Chinese household savings hit another record high in 2024 https://www.wsj.com/livecoverage/stock-market-today-dow-jones-bank-earnings-01-12-2024/card/chinese-household-savings-hit-another-record-high-xqyky00IsIe357rtJb4j
Student debt in China is virtually non-existent because education is not run for profit. https://www.forbes.com/sites/jlim/2016/08/29/why-china-doesnt-have-a-student-debt-problem/
The typical Chinese adult is now richer than the typical European adult https://www.businessinsider.com/typical-chinese-adult-now-richer-than-europeans-wealth-report-finds-2022-9
People in China also enjoy high levels of social mobility than those living in US https://www.nytimes.com/interactive/2018/11/18/world/asia/china-social-mobility.html
I found a YouTube link in your comment. Here are links to the same video on alternative frontends that protect your privacy:
I’m already well aware of the poverty elimination and salary increases, not denying China the amazing progress it has made, but being richer and having slight social mobility doesn’t hugely change my mind much on the importance of equality.
I guess I’d be interested to see a sort of “Net income equality” that takes into account stuff like debt and rent. It probably exists.
I think inequality is a problem that China needs to solve. I’m just pointing out that there are other aspects to how China is developing that are very different from the US. There are also positive developments on the inequality front with a exodus of high net value people. And on a related note, private sector is also on the decline. So, it seems that the party is actively addressing the problems that were created during the opening up era.