Willy Lam: Rich China, Poor Peasants
The extreme imbalance of wealth distribution in China (and places likewise) could cause potential social and even political problem somewhere.
財富的極端不平均分配，將會是中國（以及其他類似地方）在社會與政治上隨時可能爆發的隱憂。
China recently announced its GDP grew by more than 7.1% in the first half of this year, putting the country on course to displace Japan as the world’s second-largest economy by year’s end. But it’s not time to break out the maotai just yet. Peasants and migrant workers, who compose more than 65% of China’s 1.3 billion people, aren’t benefiting much from this growth.
Much of it is hoarded by the central government. Last year, Beijing collected taxation and other levies of more than six trillion yuan ($878 billion), an eye-popping four trillion yuan more than five years ago. Since the turn of this century, funds flowing into the Beijing treasury have increased by around 22% a year, more than double the average 10% GDP growth for the past two decades.
