Xi Jinping is reportedly “repulsed by the all-encompassing commercialisation of Chinese society”
China, including Hong Kong and Macau, now has 698 billionaires, according to Forbes, almost as many as America . The habits of the new rich could fill a novel in the spirit of Twain. Even the non-fiction accounts are outlandish. One billionaire, according to the book “Red Roulette” by Desmond Shum, offered the author’s well-connected wife a $1m ring as a gift. When she refused, he bought two anyway. One businessman remarked to Ms Ang that his neighbour’s dog will only drink Evian.
Measuring China’s gaps and gulfs is tricky. The most common gauge of income inequality is the Gini coefficient, which has become popular despite being hard to interpret. One way to make sense of it is with a thought experiment. Suppose two people in a country are to meet at random. What will be the expected income gap between the two? If you know the income of everyone in the country, you can guess by calculating the average gap from every possible pairing.
Although the level of inequality differs between these measures, they all agree on one striking point. Inequality in China today is not as bad as it was about a decade ago. Indeed, some scholars have remarked on the “great Chinese inequality turnaround”. But that kind of social mobility seems to be slowing. Yi Fan and Junjian Yi of the National University of Singapore and Junsen Zhang of Zhejiang University have tried to calculate the persistence of income from one generation to the next. Chinese born in the 1970s inherited about 39% of any economic advantage enjoyed by their parents. Those born in the 1980s inherited over 44%.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Ramblin' with AM: A Whining Post
Leer más »
U.S. plans projects in Latin America to counter China’s Belt and RoadU.S. officials are touring Latin America to scout infrastructure projects as they prepare a counter to China's Belt and Road Initiative.
Leer más »
China Unable To Recruit Hackers Fast Enough To Keep Up With Vulnerabilities In U.S. Security SystemsBEIJING—Despite devoting countless resources toward rectifying the issue, Chinese government officials announced Monday that the country has struggled to recruit hackers fast enough to keep pace with vulnerabilities in U.S. security systems. “With new weaknesses in U.S. networks popping up every day, we simply don’t…
Leer más »
China anti-graft watchdog probes former justice ministerChina's top anti-corruption watchdog said on Saturday it is investigating a former justice minister, Fu Zhenghua, for suspected serious violations of discipline and national laws.
Leer más »
Taiwan fumes after China's largest airspace incursionThe People’s Liberation Army flew 25 fighter jets on Friday into the island's air defence zone in the first manoeuvre and then sent additional 13 planes the same night, according to the Taiwan Defence Ministry.
Leer más »