Chinese Communist Party leader Wen Jiaobao last month promised to eliminate poverty by 2020.
China's numbers of billionaires at 115 is second in the world but catching up on the US’s 412. The number of Chinese individuals with net worth of at least 10 million yuan (€1.05 million) will by the end of 2011 have doubled in three years to 590,000, accordiing to a survey conducted by global consultants Bain Co and China Merchants Bank. And China’s wealthiest this year alone can expect their combined assets of 18 trillion yuan (€1.9 trillion) to rise by a fifth.
By 2009 the richest 10 per cent of Chinese controlled some 45 per cent of the country’s wealth, the poorest, just 1.4 per cent.
Changes in the official poverty level, raising it from €0.34 a day to €0.43, will triple the still massively understated numbers of “extreme poor” to 100 million. By the UN’s measure, twice that level, some 245 million Chinese remain in extreme poverty.
Deng Xiaoping called it “Socialism with Chinese characteristics” !!!
Public Meeting
Saturday 14 May 1pm to 5pm, Community Central Halls 304 Maryhill Road Glasgow
The Rise of Chinese Capitalism
Speaker Paul Bennett
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