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    Rising Inequality in China and the Move to a Balanced Economy

    Zhu, Cuiping; Wan, Guanghua | January 2014
    Abstract
    China faces serious external (i.e. trade) and internal (i.e. structural) imbalances. Both are related to income inequality, reduction of which will help to increase domestic demand. This paper discusses how income inequality has evolved over time. This is followed by an exploration of the consequences of high inequality. Driving forces underlying the rising inequality are analyzed before providing concrete policy recommendations. It is found that inequality declined in the early period of reform, until the mid to late 1980s, and then began a rising trend up to 2010. Major determinants of inequality include: location, institutional and policy factors, trade and globalization, and education inequality and human capital gaps along rural–urban and spatial divisions. To achieve a balanced economy and a harmonious society, development policies in China must shift from emphasizing growth to prioritizing equality. In addition, government interventions can target rural–urban disparity through rapid urbanization, and tackle regional inequality by developing financial markets, ensuring progressive allocation of fiscal resources, promoting trade and foreign direct investment in inland China, creating more formal jobs and supporting the service sector.
    Citation
    Zhu, Cuiping; Wan, Guanghua. 2014. Rising Inequality in China and the Move to a Balanced Economy. © Wiley. http://hdl.handle.net/11540/4277.
    Keywords
    Agricultural And Rural Development
    Development In East Asia
    Infrastructure Development Projects
    Institutional Development
    Millennium Development Goals
    Policy Development
    Social Development Programs
    Social Development
    Rural planning
    Aid coordination
    Industrial projects
    Infrastructure projects
    Natural resources policy
    Educational development
    Social participation
    Political participation
    Community banks
    Business planning
    Infrastructure
    Sustainable urban development
    Social contract
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    Citable URI
    http://hdl.handle.net/11540/4277
    Metadata
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    Author
    Zhu, Cuiping
    Wan, Guanghua
    Theme
    Development
    Governance
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise