China’s long history is defined by a recurring trope: 1. A strong dynasty emerges to unite the country in prosperity and governs until 2. the economic interests of the coast and the interior become so mismatched that 3. the country breaks down into civil war. 4. Chaos, regionalism and even foreign domination become the status quo until 1. a new movement arises to unite the Chinese people and reclaim the glory of Middle Kingdoms past
China’s future, then, boils down to a relatively simple question: Where is China currently in the cycle? - China has paid for that enrichment with inequality. A study by Peking University showed that as of 2014: - 25% of China’s population possessed just 1% of the country’s total wealth. - The top 1% owns 33% of China’s wealth. - Income inequality has increased markedly too, according to a National Bureau of Economic Research - top 10% of Chinese earners make 40% of the total pretax national income - In 1978, by almost any indicator, China was poor but one of the most economically egalitarian countries in the world - Now China is rich and one of the most economically elitist countries in the world - China is a contradiction: - It has the world’s second-largest economy, and yet 550 million people in China live on less than $5.50 per day - Its coastal provinces and cities are glittering beacons of the finest infrastructure 21st-century technology has to offer - while much of its interior provinces remain positively Third World.
1. A strong dynasty emerges to unite the country in prosperity and governs until
2. the economic interests of the coast and the interior become so mismatched that
3. the country breaks down into civil war.
4. Chaos, regionalism and even foreign domination become the status quo until
1. a new movement arises to unite the Chinese people and reclaim the glory of Middle Kingdoms past
China’s future, then, boils down to a relatively simple question: Where is China currently in the cycle?
- China has paid for that enrichment with inequality. A study by Peking University showed that as of 2014:
- 25% of China’s population possessed just 1% of the country’s total wealth.
- The top 1% owns 33% of China’s wealth.
- Income inequality has increased markedly too, according to a National Bureau of Economic Research
- top 10% of Chinese earners make 40% of the total pretax national income
- In 1978, by almost any indicator, China was poor but one of the most economically egalitarian countries in the world
- Now China is rich and one of the most economically elitist countries in the world
- China is a contradiction:
- It has the world’s second-largest economy, and yet 550 million people in China live on less than $5.50 per day
- Its coastal provinces and cities are glittering beacons of the finest infrastructure 21st-century technology has to offer
- while much of its interior provinces remain positively Third World.
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