China’s War on Inequality
A major new target in the five-year plan that China just unveiled is to boost the growth rate for household income so that it equals the growth rate of GDP. The reason is simple: over the past 10 years or so, China’s household income grew more slowly than GDP, giving rise to significant structural problems.
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BEIJING – A major new target in the “Five-Year Plan for Economic and Social Development” that China just unveiled is to boost the growth rate for household (disposable) income so that it equals the growth rate of the country’s GDP. The reason is simple: over the past 10 years or so, China’s household income grew more slowly than GDP, making it a smaller and smaller proportion of total national income.