Sharing as received below email. China has to bridge the rural-municipal divide and that bodes well for companies like FLC. The Central Government knows that they cannot continue the deprivation of the rural sector lest they have social unrest. Infrastructural spending on improving water, air and soil will remain for years to come.
------------------------------------
As relative mobility has declined, inequality has worsened.
In 1978, China’s top 10% of earners and bottom 50% each took home about a quarter of the country’s total income. By 2018, the top 10% made more than 40% of total income in China, while the bottom half got less than 15%, according to World Bank data.
In 2020, the top 1% of individuals owned about 30% of China’s wealth, up 10 percentage points from 2000. In the U.S., the share of wealth controlled by the top 1% increased only 2.5 percentage points to 35% during the same period, according to Credit Suisse Group AG.
The pandemic has widened China’s economic divide. China minted more than half the world’s new billionaires last year, surpassing the U.S. as the first country with more than 1,000, according to Shanghai-based research firm Hurun Report. Yet more than 600 million Chinese people—more than 40% of the population—subsist on average monthly incomes of less than $140…
https://www.wsj.com/articles/xi-jinping-china-economy-growth-poverty-tech-beijing-11636915358?st=hgcam8bhx46dnk9
Add to My Watchlist
What is My Watchlist?
