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China did become rich though.
by rcme 3y ago
China did become rich though.
- MekaiGS 3y agoChina is not rich but a middle income country. China's GDP per capita is lower than Bulgaria and Romania. Source: https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=CN https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?location...
- rcme 3y agoAll that means is that Chinese people, individually and on average, did not be come rich. China, as a country, did become rich.
- diego_moita 3y agoNo, it didn't. Look at the concept of "Middle Income Trap"[0]. It describes China very well. [0] : https://en.wikipedia.org/wiki/Middle_income_trap https://en.wikipedia.org/wiki/Middle_income_trap
- resolutebat 3y agoParts of China did, parts did not. The income inequality is really quite striking for what's notionally a communist worker's paradise. A few years back I was in Xining, an obscure third-tier provincial capital. The main shopping street could have been Tokyo.or Seoul, full of neon, fancy brands and expensive restaurants. But you walk one single block out and you're in a street market with flies buzzing around sheep heads and slabs of meat hanging off hooks.
- bohadi 3y agoI'm very interested to see how this picture will look 20-30 years out. Wealth is concentrated in pockets and the average person gets by. China wealth Gini index is moderating somewhat around Japan tier. US Gini is very high and closer to the world average.