Monday, September 06, 2021

China's Inequality


President Xi Jinping of China intends to start regulating excessive wealth to ensure "common prosperity" within the country. 

In 2020, the richest 20% of China's population earned more than 10 times the poorest 20%

 In 2018, the country's richest 10% earned 41% of income, while the poorest 50% of the population earned only 14.4% of total income.

In 2020, the country of 1.4 billion claimed that it had achieved that goal in eight years, lifting nearly 100 million people out of extreme poverty. But experts dispute the truth of this claim, given, in part, that China's definition of the poverty line is $1.69, compared to the World Bank's $1.90.

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