1% of Chinese Own One-Third of National Wealth

[vietnamera]

About one percent of Chinese households own one-third of the nation's wealth, raising concerns about income inequality in the world's most populous country, according to a study by Peking University.

Chinese households on average had a net worth of 439,000 yuan (about 71,000 US dollars) in 2012, up 17 percent from the 2010 level, the university's Institute of Social Science Survey said Friday in its latest report on China's livelihood development.

However, income inequality rose rapidly during the period, the report said, as the top one percent of Chinese households held more than one-third of the nation's wealth, while 25 percent of households at the bottom owned only 1 percent of the country's property value.

The researchers based their main analysis on 2012 data from the China Family Panel Studies, a large-scale survey project conducted by the institute.

The report showed about 74.7 percent of Chinese household wealth came from owning real estate.

 

[cnleio]

About one percent of Chinese households own one-third of the nation's wealth, raising concerns about income inequality in the world's most populous country, according to a study by Peking University.

Chinese households on average had a net worth of 439,000 yuan (about 71,000 US dollars) in 2012, up 17 percent from the 2010 level, the university's Institute of Social Science Survey said Friday in its latest report on China's livelihood development.

However, income inequality rose rapidly during the period, the report said, as the top one percent of Chinese households held more than one-third of the nation's wealth, while 25 percent of households at the bottom owned only 1 percent of the country's property value.

The researchers based their main analysis on 2012 data from the China Family Panel Studies, a large-scale survey project conducted by the institute.

The report showed about 74.7 percent of Chinese household wealth came from owning real estate.

1. Pls provide the news link
2. Inside urban of BeiJing / ShangHai / GuangZhou / ShenZhen city, many house price over 1~10 million Yuan, this is 1st-tier Chinese cities ... but other 2nd-tier & 3rd-tier Chinese cities house price most r less than 1~2 million Yuan.

When u has house in BeiJing / ShangHai / GuangZhou / ShenZhen ... means much richer than who owning house in other Chinese cities ... that's the 1% households >> 25% households. Simply speaking, the developed city & the real estate is higher.

 

[vietnamera]

1. Pls provide the news link

It's on global times, I can't post links now because of my limited PDF user function. You can also just baidu "中国1%家庭占全国1/3财产", it's all over the Chinese Internet community.

When u has house in BeiJing / ShangHai / GuangZhou / ShenZhen ... means much richer than who owning house in other Chinese cities ... that's the 1% households >> 25% households. Simply speaking, the developed city & the real estate is higher.

But it doesn't mean the real wealth growth for Chinese households, what happens if the property prices goes down someday?

 

[cnleio]

But it doesn't mean the real wealth growth for Chinese households, what happens if the property prices goes down someday?

What happens if China not have 1.4billion ppl or not N.o2 economy ? Ask “The Collapse of China" theory

 

[CCP]

Look at this response. Chinese people lack the sense of logic, you can't argue with them normally.

If the real property market crashes, Chinese households will gain nothing. The middle class households are already tied up by your government's property finance, they spend more than 74.7% income on fixed assets of only 70 year property right, but they are still thankful that they have a place for a living although your governments kidnapped them.

That is totally bs. You think Chinese people are all stupid or what ?

 

[cnleio]

Look at this response. Chinese people lack the sense of logic, you can't argue with them normally.

If the real property market crashes, Chinese households will gain nothing. The middle class households are already tied up by your government's property finance, they spend more than 74.7% income on fixed assets of only 70 year property right, but they are still thankful that they have a place for a living although your governments kidnapped them.

Chinese netizens reactions about this news:

容悦2012[北京]
终于看到说实话的
今天11:03 举报支持(135) 回复 分享

Finally they tell the truth. (135 thanks)

闽川风味[广西南宁]
事实要严重得多黑线
今天09:57举报支持(114) 回复 分享

The real situation is even worse. (114 thanks)

尖刀2024[内蒙古乌海]
终于看到了正面报道，感动。还有人关心穷人。不知这篇报道能不能引起重视。
今天10:59举报支持(369) 回复 分享

Finally there is positive report, good news, poor people still get attention (369 thanks)

就叫那啥啥吧[江苏徐州]
现在知道我们的平均工资是怎么被平均的了。。。
今天11:22举报支持(152) 回复 分享

Now I know where does the average salary come from. (152 thanks)

LOL ... u mean the folk comments on internet ? Just ask ur Chinese friends how many family not have the house in China, more or less than ppl without house in Vietnam ? I only trust what i can see in China not some b.s on internet.

Household in Chinese 2nd-tier and 3rd-tier cities cheaper than ppl who living in 1st-tier developed cities, but it doesn't mean Chinese family not own house in local cities ... i just know Chinese house ownership more than West, the only difference is cheap or expensive house price.

 

[Monkey King]

Under the anti-corruption campaign lead by Xi, I think the gap between the rich and poor can be effectively narrowed in the future.

 

[beijingwalker]

Old Anti China propaganda trick, last year more than 100 million Chinese people traveled overseas and a separate Western report says that China now has the most millionaires in the world and boasts the world's biggest middle class population, all those reports don't add up right.

 

[Lure]

About one percent of Chinese households own one-third of the nation's wealth, raising concerns about income inequality in the world's most populous country, according to a study by Peking University.

Chinese households on average had a net worth of 439,000 yuan (about 71,000 US dollars) in 2012, up 17 percent from the 2010 level, the university's Institute of Social Science Survey said Friday in its latest report on China's livelihood development.

However, income inequality rose rapidly during the period, the report said, as the top one percent of Chinese households held more than one-third of the nation's wealth, while 25 percent of households at the bottom owned only 1 percent of the country's property value.

The researchers based their main analysis on 2012 data from the China Family Panel Studies, a large-scale survey project conducted by the institute.

The report showed about 74.7 percent of Chinese household wealth came from owning real estate.

Why a guy in Vietnam would be so interested about the income inequality in China? Do you have high ethic values? Or maybe you want to migrate? Do you have any idea about the income inequality in Your country? Go sweep Your own frontdoor before pointing Your finger to others.

 

[Kyusuibu Honbu]

1% of Chinese own one-third of national wealth - China.org.cn

Old news

 

[AndrewJin]

LOL I thought china is challenging US but look at their income
US wealth inequality - top 0.1% worth as much as the bottom 90% | Business | The Guardian

@Shotgunner51 @Dungeness @Martian2

 

[Schutz]

Every country 1-2% own most the wealth, its normal and its fucked up but even under regimes like communism the select few always get their beak the wettest.

 

[Shotgunner51]

top one percent of Chinese households held more than one-third of the nation's wealth

How about 40%?

The Top 5 Facts About America’s Richest 1% | Daily Ticker - Yahoo Finance

while 25 percent of households at the bottom owned only 1 percent of the country's property value.

How about 50%?

Half Of American Households Hold 1 Percent Of Wealth

LOL I thought china is challenging US but look at their income
US wealth inequality - top 0.1% worth as much as the bottom 90% | Business | The Guardian
View attachment 287072
@Shotgunner51 @Dungeness @Martian2

Top 0.1% owns same wealth as bottom 90%? Unbelievable, I thought China's inequality is bad enough as per narrative of OP.

Anyway China is in the process of "developing", just hope the direction is towards lowering wealth inequality, not higher, to become a real "developed" economy.

 

[Aepsilons]

Top 0.1% owns same wealth as bottom 90%? Unbelievable, I though China's inequality is bad enough.

Anyway China is "developing" towards "developed", just hope the direction of development is towards lowering wealth inequality, not higher.

Well, we are , afterall, referring to a capitalist society that was built on individualism as the state sponsored priority, my friend. Most historically capitalist states such as United States, Canada, UK, Japan, Germany -- will have that. China, as a historically communist and strongly pro-proletariat , had always had the universalist apperture that characterized early communist thought. Anyways, i suppose as China moves from communist thought and into capitalist thought, we shouldn't be surprised with these changes. Anyways, i don't know why this is even being made headlines. Sometimes western media press is unproductive with the anti-orientalist agenda.

Under the anti-corruption campaign lead by Xi, I think the gap between the rich and poor can be effectively narrowed in the future.

I don't necessarily think it is productive --- to aid and abet this wealth 'reshuffling' agenda. Clearly we can see that this is a failed agenda in the United States, which had led to wealthy Americans to transfer their capital abroad, and to move abroad. Second, this wealth reshuffling agenda tends to stifle the productivity and ingenuity of the entrepreneurial class , who are, ultimately, the ones that produce job growth and employ thousands if not millions of the working class. Laws and measures that specifically target the entrepreneurial class will encourage the said class to move abroad and bring with them their capital to more friendlier societies. As a Japanese patriot, i notice that Japan had also implemented , a long time ago, such stifling policies such as the implementation of a 33% corporate tax, which, ultimately, chokes the productivity and output of the Japanese Zaibatsus. In the mix-up of the urging to "cut corruption" within the Chinese Legislation, constituents (who are mostly low information individuals -- due to lack of command and comprehension of the inner policy workings of the CPC-- are encouraging their representatives to adopt policies that would ultimately affect the economy ). Those urging lower taxes are right to argue that our economy stagnates if taxes are too high. High taxes discourage investment and risk-taking. Many economists agree that when tax rates soar above 30-40 percent, growth suffers.

The problem with Chinese citizens is that they have the tendency of associating low tax rates for corporations and owners of corporations as being equivalent of corruption and increased tax rates for these institutions is thetical to "anti-corruption campaign", when that is just not simply the case.


Regards,
Dr. Kenji W., Ph.D.

 

[Jlaw]

About one percent of Chinese households own one-third of the nation's wealth, raising concerns about income inequality in the world's most populous country, according to a study by Peking University.

Chinese households on average had a net worth of 439,000 yuan (about 71,000 US dollars) in 2012, up 17 percent from the 2010 level, the university's Institute of Social Science Survey said Friday in its latest report on China's livelihood development.

However, income inequality rose rapidly during the period, the report said, as the top one percent of Chinese households held more than one-third of the nation's wealth, while 25 percent of households at the bottom owned only 1 percent of the country's property value.

The researchers based their main analysis on 2012 data from the China Family Panel Studies, a large-scale survey project conducted by the institute.

The report showed about 74.7 percent of Chinese household wealth came from owning real estate.

about 1% of Americans own 99% of US' wealth. Where's the inquiry into this?