China vows to resolve growing wealth gap head-on
Growing wealth gap in China has been identified as the most pressing problem for the Asia's largest emerging economy and the ongoing once-in-a-decade leadership Congress of the ruling Communist Party is looking to tackle the issue head-on, according to a report.
Rapid growth of China's economy is leaving millions behind and yawning gap between rich and poor is growing. During this time of transition, the country's leaders are looking to tackle the issue head-on, media reported.China's Gini coefficient which reflects the wealth gap of a country stood at 0.438. That's up from just 0.2 roughly 30 years ago. A figure higher than 0.4 is generally considered troubling, the report said.
More than one hundred million people still live on USD 1 a day here in China. That's in a country that's home to the second most billionaires behind the US. And analyst say that as China's phenomenal economic growth begins to cool, frustration with the gap between the haves and havenots is growing, it said.
In a bid to narrow the gap, the Chinese government is currently drafting an income distribution reform plan hoping to address the disparities, the report said.