China's Widening Income Gap
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As the National People's Congress prepares to meet in early March for its annual policy-setting meeting, economic and social issues are looming large in China, and one overshadows the rest: the mainland's widening income gap.
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China's annual economic growth surged to an 11-Â½ year high of 11.9 percent in the second quarter, cementing expectations for tighter policy to keep the world's fastest-growing major economy from overheating.
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NEW YORK -- Barely two years ago, Cristina Rodriguez and her three children were moored on the wrong side of the income gap. A high school dropout, she was making a little more than $200 a week, stapling price tags to shirts and boxing them at a Modell's warehouse. "I didn't use my mouth, didn't use...
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The Asian Development Bank on Wednesday raised its forecast for China's economic growth this year to 10.4 percent, citing surging investment and exports, and warned of possible dangers to long-term stability.
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China's unprecedented rise, fueled by foreign investment and technology, has put the Asian giant on a path to surpass the United States economically by 2025, the author of a new book on China said on Tuesday.
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Chinaâs second quarter growth exceeded forecasts, but the economy faces rising food prices, high energy consumption and a large trade imbalance.
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Beijing raised its estimate of the 2006 growth rate from 10.7 percent to 11.1 percent, moving China closer to overtaking Germany as the worldâs third-largest economy.
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China's trade surplus rose a bigger-than-estimated 73 percent in May from a year earlier, increasing pressure on the government to allow faster currency gains.
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The poor could have a harder time moving up the income ladder as the higher education gap widens, a report said.
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China's economy is set to grow at a faster-than-expected rate of 10.4% this year, the Asian Development Bank says.
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Chinese retail spending grew by 13.8% in August, helped by higher rural and urban incomes, official data shows.
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China's economy grew a blistering 11.4 percent in 2007, reaching the highest level in 13 years and marking the fifth straight year of double-digit growth, the government said Thursday.
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Income inequality is near record levels in many countries, and the worldÃÂs wealth has become even more narrowly concentrated than income.
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A financial portal is born in China.
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Surging food prices boosted China's annual consumer price inflation in May to a 27-month high, extending a rising trend and reinforcing expectations that interest rates will rise further.
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China's supercharged economy grew by a stunning 11.5 percent in the third quarter, surging ahead despite official efforts to cool the boom and putting it on track to overtake Germany as the world's third-largest within weeks, according to data reported Thursday.
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China's economy accelerated to 9.5 percent growth in the year through the fourth quarter, exceeding forecasts and raising the risk of another interest rate increase to avoid overheating.