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China's Xi Jinping asked 'What’s so bad about deflation?' amid economic slowdown, report says (fortune.com)

submitted 4 days ago by schizoidman@lemm.ee to c/worldnews@lemmy.ml

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[-] scarabic@lemmy.world -4 points 3 days ago

“In most areas” is a very big cheat on this data though. With a great deal of wealth concentrated in the 1%, you can’t just leave out the 1% as an outlier and say that aside from them, things are pretty equal.

China’s wealth inequality overall has skyrocketed and is staggering, both because of its growing number of explosively wealthy, and the utter impoverishment of a large part of the population.

[-] Cowbee@lemmy.ml 8 points 3 days ago

You're at least a decade out of date, extreme poverty has been eradicated even according to the world bank, and I am not excluding the 1% here. Working class salaries have risen dramatically, the disparity has risen but the real conditions for the overwhelming majority of people have dramatically improved. Disparity is a problem, yes, but it isn't a simple one, I recommend the essay China Has Billionaires.

Overall, though, your notions are heavily outdated and data reflects that.

[-] scarabic@lemmy.world -3 points 3 days ago

While it’s good data to see, I’m always suspicious of celebrating the fact that people have gone from earning $2 per day to $5 per day as “eradicating poverty.”