China’s Wide Income Gap Undercut Spending as Growth Recovers
Bloomberg 1/19/2021
(Bloomberg)
China’s successful control of Covid-19 made it the only major economy to have grown last year, but wide income inequality and still weak consumer spending reflects an unbalanced recovery.
Here’s a deeper look at some of the data published alongside the gross domestic product report this week:
Income Gap
Official figures released on Monday which showed that the economy’s growth rate surpassed pre-pandemic levels in the last quarter also revealed that the richest 20% of Chinese had an average disposable income of more than 80,000 yuan ($12,000) last year, 10.2 times what the poorest 20% earn.
China’s Wide Income Gap Undercut Spending as Growth Recovers
Bloomberg 1/19/2021
(Bloomberg)
China’s successful control of Covid-19 made it the only major economy to have grown last year, but wide income inequality and still weak consumer spending reflects an unbalanced recovery.
Here’s a deeper look at some of the data published alongside the gross domestic product report this week:
Income Gap
Official figures released on Monday which showed that the economy’s growth rate surpassed pre-pandemic levels in the last quarter also revealed that the richest 20% of Chinese had an average disposable income of more than 80,000 yuan ($12,000) last year, 10.2 times what the poorest 20% earn.