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AVERAGE annual income in China is $49,000 with Gini coefficient or income inequality at 0.46. Pay in the United States is from $50k to $67k to as high as $90,000 in some states. Gini coefficient or inequality measure is at 0.49. Shows that there's not much difference.
But China's population is 4x that of the U.S. And how people consume or spend is way different. America is the runaway #1 market consumer in the world. Mostly, we should blame how a government or leadership fixes the societal discrepancy. Yet we instead level trajectory at the rich per se and/or political partisanship.
News trumpets that China's current economy is faltering based on GDP growth etc. Fact is, after the CCP observed its 100 years in 2021 and upon reflection of the surge of billionaires out there, Xi Jinping reminded his people of the nation's "Common Prosperity" ideal. Right after, China's billionaires or private corporations donated billions$ to the country's projects, with focus on countryside development and Belt and Road Initiative investments overseas.
China has eased its manufacturing mojo to give away to BRICS partner India. Instead, China's leadership hands money to its people to up trade stakes abroad a.k.a. FDIs. Which worries the U.S. China's trade expansionism which benefits its own 1.4 billion people, who live per their socialist per Han Buddhist style of happier life, which we in America brand as "poor." 🇨🇳🤌🇺🇸
Artwork: iStock.
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