China – Eight hundred million people have risen out of poverty

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What has changed?

Most of all, an economic expansion without precedent in modern history.

Eight hundred million people have risen out of poverty. That’s two and a half times the population of the United States.

Not only are incomes drastically rising within families, but sons are outearning their fathers. That means expectations are rising, too, especially among China’s growing middle class.

Life expectancy has also soared. Chinese men born in 2013 are expected to live more than seven years longer than those born in 1990; women are expected to live nearly 10 years longer.

“It feels like there are no limits to how far you can go,” said Wu Haifeng, 37, a financial analyst who was born to a family of corn farmers in northern China and now earns more than $78,000 a year. “It feels like China will always be strong.”

China used to make up much of the world’s poor. Now it makes up much of the world’s middle class.

 

Continue at: https://www.nytimes.com/interactive/2018/11/18/world/asia/china-social-mobility.html

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