Houston Community News >> Chinese Worried About Wealth Gap

1/4/2007-- Many adults in China express concerns about inequality, according to a poll published in China Youth Daily. 80.7 per cent of respondents believe the imbalances between the wealthy and the poor need to be corrected, while 14.1 per cent think there is no need for change.

In 1949, the People’s Republic of China was established as a one-party state. In the 1980s, the ruling Communist Party of China (ZGD) loosened a series of authoritarian restrictions and allowed private enterprise for the first time in decades. The country currently has one of the world’s fastest growing economies, becoming a global exporter and a very attractive venue for foreign investors.

Last month, a Goldman Sachs report predicted a 10 per cent growth in China’s Gross Domestic Product (GDP) in 2008. The document also outlines the possibility of China becoming the world’s third-largest economy over the next two years, ahead of Germany.

According to World Bank statistics, China’s measure of income inequality increased from 0.29 in 1981 to 0.47 last year. The internationally recognized "alarm level" for this measurement is 0.40.

(Contributed by Angus Reid Global Monitor)