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Incomes in China are largely equal in number to about double the number, disregarding currency conversion. For example a low end worker in the USA makes 1000 US
by Cerium 11y ago
Incomes in China are largely equal in number to about double the number, disregarding currency conversion. For example a low end worker in the USA makes 1000 USD a month while a similar worker in China makes 1000 rmb. A fresh graduate engineer may make 5k USD a month in the USA and may make 2500 to 10k rmb depending on skill and location in China.
That said 20 rmb should not be considered 3 dollars, it should be viewed as 10 to 20 dollars.
Some more points of comparison: Average hotel 100 rmb, breakfast 10 rmb, cell phone bill (depending on data) 50 to 200 rmb.
- idra 11y agoThese prices are simply not true. 1000 USD per month in the US will get you much more than a 1000 RMB in China. For 100 RMB you can only find a roach and mold infested hole in a tier 3 city, there are no hotels at this price in cities like Beijing or Shanghai. Yes, you can buy a jianbing on the street for 10 RMB or less, but it is the equivalent of buying a street hot dog in New York and calling that "breakfast". Something a sane person can call breakfast will be at least 20-30 RMB, still with no guarantees that your food isn't cooked in recycled gutter oil.
- rahimnathwani 11y agoI'm not sure your post supports the premise that I was trying to refute (that "people are spending insane amount of money online"). Also, comparing the lower levels of income as a guide to affordability is tricky, because China has much greater income and wealth inequality than the US (Gini coefficient ~0.7 vs. ~0.4 for the US), so you're focusing exclusively on people with very little disposable income.