aquascoot wrote on May 31
st, 2020 at 9:19pm:
NorthOfNorth wrote on May 31
st, 2020 at 10:05am:
The Chinese premier stated that 40% living under poverty...
So much for the 'economic miracle'... More like the economic mirage...
"We have 600 million people with a monthly income of 1000 Yuan. Its hard to rent somewhere in a medium-size city with only 1000 Yuan. The epidemic has made the situation worse"from 10:44
https://www.youtube.com/watch?v=l14hMZJ8h-I incorrect
China is the world leader and champion in poverty reduction. This is because, as per the World Bank, more than 730 million Chinese have lifted themselves out of poverty from 1990 to 2015, something that took most industrialized nations 100–150 years to accomplish; this shows that China’s policies in this area are effective. In 2016, the World Bank report affirmed that China state-sponsored programs were raising poor people’s earnings, implementation of early childhood development, provision of quality education and healthcare, cash transfers to poor families, construction of rural infrastructure and giving of subsidy to rebuild homes were effective in reducing poverty.
All these programs are playing a vital role in reducing poverty in China. As a result, in the past four decades, official figures show that China’s poverty relief attainment have contributed over 70 percent to worldwide poverty reduction work. At a key political meeting recently, President Xi Jinping emphatically reiterated the national target to eradicate poverty by 2020. According to the National Bureau of Statistics (NBS), the number of poor people in China reportedly stood at 16.6 million by the end of 2018 from almost 100 million in late 2012. The NBS added that in 2018, 13.86 million people in China managed to raise their incomes over the poverty line. This number is larger than the entire population of Rwanda.
China’s rural poor population has decreased from about 98.99 million in 2012 to 30.46 million at the end of 2017, a decline of 68.53 million in total,
You left out inflation = relatively lower purchasing power for each unit of income, created by the very fact of circulating more. When more have more - the market increases prices to cater to demand, and thus the purchasing power of the unit is diminished. Hence, every step out of poverty is only a partial one, and the input needs to increased to keep them out of poverty, causing further cost rises. It's difficult being at the bottom.
Additionally - with rising wages for those in a good spot, social and economic divides are on the rise as well.... this is a melting pot and a powder keg.
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