The Chinese economy may be in even worse shape than expected.
Two out of every three people in China could be earning less than $300 per month. That’s the number accidentally revealed by a top Chinese economist.
Li Xunlei is the vice Chairman of the China Chief Economist Forum. He mentioned in a recent article that over 960 million people in China earn a monthly income below $2000 RMB, or around US$300.
The article was meant to discuss “insufficient demand” in consumption in China, but it sparked heated discussion online. It became the number one trending topic on Chinese social media Weibo before getting deleted.
The article was published in Shanghai First Finance, a magazine owned by Shanghai’s city government, under the Chinese Communist Party.
Mr. Li had been citing data from a survey conducted by Beijing Normal University, a top university in China.
The revelation echoes a 2020 statement from former Chinese Premier Li Keqiang. He said then about 600 million people earning a monthly income below $1,000 RMB, or US$150.