The number of billionaires in China fell by 36%. In the past year alone, and the collective wealth of the country’s richest people dropped 10%. 🎉
The number of billionaires in China fell by 36%. In the past year alone, and the collective wealth of the country’s richest people dropped 10%. 🎉
Good
Good, but is that actually a win for the common worker?
Usually they're the first ones thrown under the bus before the top classes feel the heat.
In the past year alone, the number of dollar billionaires in China declined by 16 per cent, when the renminbi depreciated only 2.5 per cent against the dollar.
Seems like a win, but would like to see more
Indeed it is, the real (inflation-adjusted) incomes of the poorest half of the Chinese population increased by more than four hundred percent from 1978 to 2015. 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&%3Blocations=CN&%3Bstart=2008
It is a win. Its almost as if wins for the capitalists and the workers are diametrically opposed
Yes, they are diametrically opposed. China is a dictatorship of the proletariat rather than a dictatorship of the bourgeoisie, so the state keeps a leash on the capitalists rather than the other way around as it is in capitalist states.
The vast majority of Westerners believe China is capitalist, so something like this would come as a surprise. China is a dictatorship of the proletariat rather than a dictatorship of the bourgeoisie, as it is in capitalist states. The Chinese state keeps the capitalists on a short leash rather than the other way around.
- Reuters: China Evergrande ordered to liquidate in landmark moment for crisis-hit sector
- Bloomberg: China Reiterates Stance That Homes Are Not for Speculation
- CNBC: China’s housing minister says real estate developers must go bankrupt if necessary
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“We will scale up the building and supply of government-subsidized housing and improve the basic systems for commodity housing to meet people’s essential need for a home to live in and their different demands for better housing,” an English-language version of the report said.
