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Income Gap in China - Term Paper Example

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The author states that despite the development of the reforms that led to an increase in economic growth, the income gap has still increased in China. There is a wide gap in income between the nation’s top earners and those at the bottom of the pay grade of Chinese family wealth and living habits…
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Income Gap in China
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Download file to see previous pages The difference between the earning rates between the rich and the poor is referred to as the income gap. The gap is also known as the middle class. The economy of China has developed faster since the development of the reform and open policy in 1978. But more recently attentions have been drawn to the more important and relevant potential contribution of inequality and poverty as discussed by Wan (2007). Information can be obtained from two sources: the annual national household income from the China Household National Income Project (CHNIP), and expenditure survey of the National Bureau of Statistics (NBS). According to the data provided by the National Bureau of Statistics of China, the average growth rate in the last 10 years reached 9.15%, which makes China the third-largest economic entity.

And a much similar survey done by the World Bank China Poverty Assessment group in 20006 also indicated a great deal in income gap and distribution in relation to location. A survey that was done in 2002 showed that households in the top 5% income bracket earned 23% of China’s total household income distribution, while the households in the lowest 5% accounted for 0.15 of the total income distribution in the country (Gustafsson and Li, 2002).

It is said that wealth distribution and income inequality are two different concepts, in that wealth distribution considers how the ownership of assets in a given society is being shared among members, while income inequality focuses solely on the income side of the equation. Despite all the differences in the concept, both income inequality and wealth distribution helps in measuring and charting the economic gap within a country’s wealthiest and poorest citizens in relation to the same country’s development. The rising income inequality is considered one of the effects of economic reforms. Over the last ten years, economic inequality has been growing particularly in more developing countries where, historically, it had been contained initially, such as China. ...Download file to see next pagesRead More
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