 "Chinese economy")
China doesn't care about its bottom 60 per cent.
The country seems to have bounced back from the Covid-19 slowdown. Exports are growing by double digits, and retail sales, which had been lagging for months, are back to pre-virus levels. But poorer households are still struggling.
The rebound Beijing engineered is K-shaped, exacerbating widening income inequality, which was already a problem before the pandemic.
Most households in the bottom 60 per cent, or those earning less than 100,000 yuan ($14,650) a year, said their wealth declined in the first half of 2020, the China Household Finance Survey
The country seems to have bounced back from the Covid-19 slowdown. Exports are growing by double digits, and retail sales, which had been lagging for months, are back to pre-virus levels. But poorer households are still struggling.
The rebound Beijing engineered is K-shaped, exacerbating widening income inequality, which was already a problem before the pandemic.
Most households in the bottom 60 per cent, or those earning less than 100,000 yuan ($14,650) a year, said their wealth declined in the first half of 2020, the China Household Finance Survey
