Since Deng Xiaoping began instituting market reforms in the late 1970s, China has been among the most rapidly growing economies in the world, regularly exceeding 10 percent GDP growth annually from 1978 through 2010. This growth has led to a substantial increase in real living standards and a marked decline in poverty.
The growth in agricultural productivity increased farmer incomes and allowed laborers to migrate into other sectors and urban areas. This enabled households to strengthen their economy by diversifying income sources, thus reducing poverty risk.
BEIJING, April 1, 2022— Over the past 40 years, the number of people in China with incomes below $1.90 per day – the International Poverty Line as defined by the World Bank to track global extreme poverty– has fallen by close to 800 million.
Since China began to open up and reform its economy in 1978, GDP growth has averaged over 9 percent a year, and more than 800 million people have lifted themselves out of poverty. There have also been significant improvements in access to health, education, and other services over the same period.
According to China's National Bureau of Statistics, national gross domestic product per capita reached 85,698 yuan in 2022, or about US$12,741 based on the yuan's average exchange rate last year. That puts the country just slightly below the World Bank's high-income threshold of US$13,205, as of July 2022.
Although China's poverty alleviation progress has been impressive, it has not been without problems. Poverty has long been more severe in rural regions. In 2018, the extreme poverty rate in rural China was roughly five times higher than in urban areas.
According to the latest available data from the Organisation for Economic Co-operation and Development (OECD), Iceland, the Czech Republic and Denmark stand as the countries with the lowest poverty rates in the world. Two out of three countries on this list are Nordic.
Monthly surveyed urban unemployment rate in China June 2021-2023. In June 2023, the surveyed unemployment rate in urban areas of China ranged at 5.2 percent, remaining flat from the previous month. The quarterly unemployment rate in China stood at 5.2 percent in the second quarter of 2023.
Is living in China safe? Yes, many expats, especially women, find living in China is much safer than in cities like London or New York. Street harassment and catcalling is virtually unheard of for foreigners, and streets tend to be well lit at night.
China's Gini coefficient, which measures inequality, has decreased significantly since the 2000s, but continues to hover above 0.46, which by international standards signals a high level of income inequality.
China has an upper middle income developing mixed socialist market economy that incorporates industrial policies and strategic five-year plans. It is the world's second largest economy by nominal GDP, behind the United States, and the world's largest economy since 2016 when measured by purchasing power parity (PPP).
Xinjiang has the highest poverty rate, which is 9.9 per cent. Gansu, Guizhou, Tibet and Yunnan also have a poverty rate above 7 per cent. The average poverty rate in western rural areas in 2017 was 5.6 per cent, much higher than in the eastern and central regions.
The economy of China is Int. $3,982 billion or 1.18x of the US on purchasing power parity basis. According to estimates by World Bank, China's gdp was approx 11% of the US in 1960, but in 2019 it is 67%.
China's trade and investment reforms and incentives led to a surge in FDI beginning in the early 1990s. Such flows have been a major source of China's productivity gains and rapid economic and trade growth.
In 1978, more than 700 million people lived below the poverty line (100 CNY per year), but now, only 43 million people live on under 2300 CNY (constant 2010) per year (fig. S8E). Poverty incidence in rural China has dropped sharply from 97.5% in 1978 to 4.5% in 2016 (national line 2010) (fig. S8E).
Although the 1982 constitution guarantees freedom of speech, the Chinese government often uses the "subversion of state power" and "protection of state secrets" clauses in their law system to imprison those who criticize the government.
In addition to its low labor costs, China has become known as "the world's factory" because of its strong business ecosystem, lack of regulatory compliance, low taxes and duties, and competitive currency practices.
Although Chinese society is welcoming and Chinese people are friendly to foreigners, regularly failing to understand the culture or language can make you feel isolated. Poor internet connection. Chinese internet restricts access to Western social media and websites, including Google.
Australia Jobless Rate Unchanged at 3.5%
The number of unemployed individuals fell by 10.9 thousand to 504.4 thousand, with those seeking full-time jobs declining by 22.1 thousand to 328 thousand while those looking for part-time jobs increased by 11.3 thousand to 176.4 thousand.
The average salary in China ranges from 7,410 Yuan per month (USD 1,066) to 131,000 Yuan (USD 18,842) per month — with 7,410 Yuan being the minimum salary and 131,100 Yuan being the maximum salary.
Youth unemployment has stayed elevated since early 2022 as Covid disruptions and a property slump added to already existing structural problems in the labor market. Many companies are reluctant to hire in the face of a lackluster recovery, while cash-strapped local governments are also trying to reduce costs.
After taking account of housing costs, on average in 2019-20 one in eight people (13.4%) and one in six children (16.6%) lived below the poverty line. Over three million (3,319,000) people lived in poverty, including 761,000 children.
In the world, the poorest countries are mostly located in Africa and Asia, with Burundi being the poorest country followed by Somalia, Mozambique, Central African Republic, and Madagascar.