{"id":3619,"date":"2023-07-07T21:24:34","date_gmt":"2023-07-07T13:24:34","guid":{"rendered":"http:\/\/yzzks.com\/index.php\/2023\/07\/07\/%e4%b8%ad%e5%9b%bd%e8%b4%ab%e5%af%8c%e5%b7%ae%e8%b7%9d%e5%8d%b1%e6%9c%ba\/"},"modified":"2024-03-15T10:20:42","modified_gmt":"2024-03-15T02:20:42","slug":"%e4%b8%ad%e5%9b%bd%e8%b4%ab%e5%af%8c%e5%b7%ae%e8%b7%9d%e5%8d%b1%e6%9c%ba","status":"publish","type":"post","link":"https:\/\/www.yzzks.com\/en\/asian-review\/3619\/","title":{"rendered":"China's wealth gap crisis"},"content":{"rendered":"

\n\t2024<\/strong>Years to enter the ranks of high-income countries? Dumbbell data<\/strong>\n<\/p>\n

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\n\t6<\/span>moon12<\/span>On Sunday, People's Daily published an article entitled \"How to maintain growth momentum in the long term from international experience\", which indicated that China is expected to enter the high-income stage from 2024 and will successfully cross the middle-income trap. According to the World Bank's criteria, when the gross national income reaches the1.26<\/span>A country is considered to be a high-income country when it receives $10,000,000 from the government.        <\/span>\n<\/p>\n

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\n\tSo the question arises, moving into a high-income country, and then what? Do we have a higher standard of living? Can we live in bigger houses? Will we have more savings? I think we all have an answer in mind that moving into a high-income country doesn't change much for us. Even whenGDP<\/span>Reaching the first in the world, we the people will not be able to beat inflation, we will not be able to afford to buy a house, and our quality of life will not improve much. And the root of this kind of thinking is often the huge gap between the rich and the poor, no matter whether we move into the developed countries, or one day weGDP<\/span>There's also a sense of being averaged out and carried along when the world is first.\n<\/p>\n

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\n\tThe middle class is king.<\/strong>       <\/span>\n<\/p>\n

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\n\t   <\/span>If we look at the numbers, it is true that we are preparing to move into the ranks of high-income countries. However, if it is only the numbers that have been raised, and not the happiness index, it all seems like an empty talk. The reason behind the record-breaking economic output, or the average wage, is that it is not just the numbers, but the happiness index as well.\"<\/span>contributor\"<\/span>It is all the rich class. The rich are getting richer and richer, the poor are getting poorer and poorer, and the polarization is in the shape of a dumbbell, and the number in the middle is empty and false, it reflects nothing, and has no meaning. The current development of the country is not relying on printing more money, left and right handing over the king of the land to speculate on the high price to raise theGDP<\/span>Instead of focusing on how much China has improved in the rankings, we should be thinking about how to achieveaffluent families at the bottom<\/strong>The   <\/span>\n<\/p>\n

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\n\tStanding in the perspective of the people, how many low-income people into the middle class, and when the rich and how high our wages averaged out the number, obviously the former is more meaningful. At present, the gap between the rich and the poor in China is very large, and the distribution of resources at both ends is unreasonable. According to statistics, the middle class in China today only has10%<\/span>While developed countries are in the process of40%<\/span>Above that, there are even quite a few countries where more than half of the people are in the middle class. As we all know, severe polarization can easily lead to social unrest, and the fact that a large amount of resources are in the hands of a small number of people can easily lead to a wasteful and unreasonable use of resources. Only the middle class is the cornerstone of social stability, and whether a middle-class-oriented\"<\/span>olivine\"<\/span>The social structure, which is an important foundation for the stable development of a country or region, is also a prerequisite for the realization of high-quality democracy.\n<\/p>\n

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\n\t   <\/span>Moreover, the definition of the middle class based on asset income does not stand up to scrutiny on its own. For example, some figures say that Singapore300<\/span>Approximate population of 10,00090%<\/span>The average annual household income of Singaporean families is generally in the middle class.2<\/span>million dollars or more; South Korea's annual per capita income is about1<\/span>However, in Korea, many people do not own a house and Korean workers are in debt per capita.1<\/span>million dollars or more, so are these people considered middle class. So in the more complex Chinese environment, its really far from a middle class in the sense of10%<\/span>So optimistic.       <\/span>\n<\/p>\n

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\n\t <\/span>Another way we can measure how much of a middle class there really is in China.2003<\/span>At the beginning of the year, the People's Bank of China (PBOC) released a statistical report that, as at2003<\/span>surname Nian2<\/span>At the end of the month, the balance of local and foreign currency savings deposits of China's residents had exceeded10<\/span>trillion dollars, reaching10.03<\/span>Trillion dollars. Another set of data, the social legend, is that the domestic51%<\/span>of residential savings deposits are concentrated in20%<\/span>the hands of a few wealthy individuals and families. In other words, this means that20%<\/span>Wealthy individuals and families have taken possession of the country's10<\/span>More than half of the trillions of dollars in residential savings deposits. For the sake of calculation, suppose we consider each deposit account as a household, and the number of people in each household is measured in terms of the standardized3<\/span>China's population is calculated to be13<\/span>billion people, which can be divided into4.3<\/span>billion households, of which20%<\/span>That's less than9000<\/span>million homes with domestic10<\/span>of the trillions of dollars in residential savings deposits5<\/span>More than a trillion dollars, with households averaging nearly6<\/span>million dollars, if any of them are also1\/3<\/span>The number of people in the middle class in China, which can be categorized as the so-called middle class, does not reach the level of1<\/span>Billions of people, tens of millions at most.\n<\/p>\n

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\n       <\/span>Let's also take a look at this set of data: there is news that as of2002<\/span>At the end of the year, Beijing had more than90<\/span>million vehicles, if we assume that behind every private car stands a\"<\/span>middle class\"<\/span>In contrast, Beijing has a middle class of more than90<\/span>Ten thousand people. If all the provinces and cities in the country reached the level of Beijing, there would be nearly3000<\/span>million people in the middle class. Also, there is a claim that China has1000<\/span>A billionaire with300<\/span>millionaires, and if this is reliable, then it is hard to believe that some\"<\/span>master\"<\/span>As we are happy to publicize, China's middle class currently exceeds2<\/span>The claim of 100 million people. In fact, we believe that China having a middle class of about 30 million people (only about 2% of the total population) is a more reliable figure.\n<\/p>\n

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\n\tChina's wealth gap crisis<\/strong>       <\/span>\n<\/p>\n

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\n\t <\/span>According to the China Social Science Survey Center of Peking University published in the Academy of Social Sciences'2016<\/span>Data from the Social Blue Book of 2009 show that China's highest-income1%<\/span>The family owns the National1\/3<\/span>of wealth, and of which1\/4<\/span>Families occupy only the national1%<\/span>of wealth. The gap between the rich and the poor has left the already outrageous United States far behind as one of the worst countries in the world in terms of wealth disparity.        <\/span>\n<\/p>\n

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\n\tThe hatred of the rich and gold-digging derived from the huge gap between the rich and the poor have filled the whole society with an atmosphere of impatience. It has a bearing on social conflicts, economic development and many other issues, and is also the root cause of all the strange phenomena today. If the gap between the rich and the poor continues to be left unchecked, and if it continues to play the false carnival of the average wage and the total volume of the economy, it will lead to stagnation of the society, or it will lead to conflicts and struggles in the worst case scenario.\n<\/p>\n

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\n\tHow to narrow the gap between the rich and the poor and increase the number of middle-class people<\/strong>       <\/span>\n<\/p>\n

\n\t <\/span>\n<\/p>\n

\n\t <\/span>Equality of opportunity is the fundamental way to achieve income equity; what is equal is not necessarily fair, and what is fair can be equal or unequal.
\nAs in the case of a market economy, egalitarian distribution is unfair. The most prominent problem at present is not actually income inequality, but inequality of opportunity, or inequality resulting from inequality.
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\n\tEquality of opportunity is seen as the fundamental way to achieve income equity in society, a viewpoint derived from modern welfare economics, which defines the economic equality of members of society as equality of opportunity and equity of outcome. Equality of opportunity means that all people with the ability to work have equal opportunities for employment, investment, job advancement, and earning profits, and as competitive subjects they are all on the same starting line. The fairness of the result refers to the symmetry of the individual's efforts and gains. As long as a person has the ability to work hard and seize the opportunity, he or she can enter the ranks of high-income earners from low-income earners, so equality of opportunity can promote the result of income equity.
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\n\t <\/span>Equality of opportunity implies the denial of status privileges, the effective protection of property rights, and the opening up of equal opportunities for the future. The key to improving equity in equality of opportunity lies in two areas: an effective market mechanism and a rational policy mechanism.\n<\/p>\n

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\n\tThe inequity in income distribution faced is, first of all, the inequity of the market platform, which is far from forming a unified, open and orderly competitive market pattern. If the market is not marketized, it is a far cry from the four requirements of unity, openness, competition and orderliness. The labor market is still blocked by the urban-rural dichotomy, the land market is constrained by ambiguous property rights, and the capital market is affected by a number of discriminatory policies.
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\n\tEven when the market mechanism is functioning well, the pattern of income distribution it brings about cannot be said to be correct, reasonable, fair or ethical. The market competition mechanism itself has the property of aggravating the gap between the rich and the poor. Therefore, it is the responsibility of the Government to remedy the excessive income disparity through policy mechanisms, such as assistance to the weak, curbing monopolization and regulating incomes, so as to improve equity. It is only in such an environment that the improvement of the disparity between the rich and the poor and the realization of the number of middle-class people will be reliable. However, at present, we are straying farther and farther away from this path, which is worth pondering.\n<\/p>\n

\n\t<\/p>","protected":false},"excerpt":{"rendered":"

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