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IMHO, China shouldn't focus on rising mere per capita income anymore, but it should focus on maximizing consumption. Currently, the average Chinese produces USD 4400 per Capita, which means that an average Chinese worker produces approximately USD 13.000 per year (for about CNY 7000 per month). Yet the average salaries in Chinese cities is at for about 2000 Yuan per month (although there are of course huge disparities, with Shanghai on the top reaching twice that amount), in rural areas even less. |
If Chinese workers would earn just half of what they produce, China could be more than just the world's factory - it could become an important market like Europe, the US or Japan! Under the current system, however, a few Chinese, many western companies and some western governments earn most of China's GDP, which is rather unfair and, from an economic point of view, highly inefficient. It is even a major cause of the global financial turmoils in 2008 and the current debt crisis - and consequently, also of the soaring inflation in China.
It is ridiculous that a western student like me can earn more in one morning before lunch than a normal Chinese worker earns in a month. Even with a job in China!