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This is about extreme poverty 450rmb per month - 69 USD, worldbank definition from article is 57 USD. These folks are still poor as fuck. Here's 2019 individual
by dirtyid 6y ago
This is about extreme poverty 450rmb per month - 69 USD, worldbank definition from article is 57 USD. These folks are still poor as fuck. Here's 2019 individual income data for comparison:
https://i.imgur.com/0tHsfxW.png https://i.imgur.com/0tHsfxW.png
https://i.imgur.com/NCODvJY.png https://i.imgur.com/NCODvJY.png (under 450 exist because obviously not everyone employed, poverty alleviation has househould income calculations)
60% population still on less than USD 3700 per year. Very rough napkin estimate is bottom 60% generates 20% of GDP. The downside is there are still a lot of poor people in China, plurality in fact. Upside is they are so poor that the rest of the economy could elevate their conditions, but not by too much, so interventions must be strategic. Still a lot of work ahead.
- fuzzfactor 6y agoSeems to me like we have reached a more likely point than ever where one planeload of Chinese millionaires can go to any North American city up to a certain size, and with their dollars in hand have more cash real estate purchasing power than the local millionaires any more. Regardless of the poverty back home remaining overwhelming overall for generations to come, if no longer as extreme. And even with a poorer outlook regarding income inequality compared to the US.