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☆ Yσɠƚԋσʂ ☆@lemmy.ml to China, 中国@lemmy.mlEnglish · 22 days ago

How China Cracks Down on Billionaires w/ Ben Norton

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How China Cracks Down on Billionaires w/ Ben Norton

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☆ Yσɠƚԋσʂ ☆@lemmy.ml to China, 中国@lemmy.mlEnglish · 22 days ago
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China is cracking down on billionaires and corruption. Following the landmark sentencing of Evergrande founder Hui Ka Yan (Xu Jiayin) to life in prison and t...
  • ☆ Yσɠƚԋσʂ ☆@lemmy.mlOP
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    21 days ago

    Western ignoramuses having opinions on subjects they have no clue about? You this cringe honestly??

    Quality of life in China continues to steadily improve and the government is actively working on doing things like eliminating poverty, creating public infrastructure, providing healthcare, housing, food, and education for all citizens. Chinese government practically eliminated poverty, and in fact China is the only place in a world where any meaningful poverty reduction is happening. If we take China out of the equation poverty actually increased in real terms:

    If we take just one country, China, out of the global poverty equation, then even under the $1.90 poverty standard we find that the extreme poverty headcount is the exact same as it was in 1981.

    The $1.90/day (2011 PPP) line is not an adequate or in any way satisfactory level of consumption; it is explicitly an extreme measure. Some analysts suggest that around $7.40/day is the minimum necessary to achieve good nutrition and normal life expectancy, while others propose we use the US poverty line, which is $15.

    90% of families in the country own their home giving China one of the highest home ownership rates in the world. What’s more is that 80% of these homes are owned outright, without mortgages or any other leans. https://www.forbes.com/sites/wadeshepard/2016/03/30/how-people-in-china-afford-their-outrageously-expensive-homes

    Chinese household savings hit another record high in 2024 https://www.wsj.com/livecoverage/stock-market-today-dow-jones-bank-earnings-01-12-2024/card/chinese-household-savings-hit-another-record-high-xqyky00IsIe357rtJb4j

    Social mobility in China being far better than in the US https://www.nytimes.com/interactive/2018/11/18/world/asia/china-social-mobility.html

    The typical Chinese adult is now richer than the typical European adult https://www.businessinsider.com/typical-chinese-adult-now-richer-than-europeans-wealth-report-finds-2022-9

    The real (inflation-adjusted) incomes of the poorest half of the Chinese population increased by more than four hundred percent from 1978 to 2015, while real incomes of the poorest half of the US population actually declined during the same time period. https://www.nber.org/system/files/working_papers/w23119/w23119.pdf

    From 1978 to 2000, the number of people in China living on under $1/day fell by 300 million, reversing a global trend of rising poverty that had lasted half a century (i.e. if China were excluded, the world’s total poverty population would have risen) https://www.semanticscholar.org/paper/China’s-Economic-Growth-and-Poverty-Reduction-Angang-Linlin/c883fc7496aa1b920b05dc2546b880f54b9c77a4

    From 2010 to 2019 (the most recent period for which uninterrupted data is available), the income of the poorest 20% in China increased even as a share of total income. https://data.worldbank.org/indicator/SI.DST.FRST.20?end=2019&amp%3Blocations=CN&amp%3Bstart=2008

    Now go back to sniffing glue.

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