Peking University has released a report on China's livelihood development. It details the massive breadth of China’s social inequality, which has become a widespread source of anger in the country.
The report, released late Friday, revealed that the richest one percent of Chinese households held more than one-third of the nation’s wealth. Meanwhile, at the other end of the spectrum, the poorest 25 percent of households owned only 1 percent of the country’s property value.
According to the study, Chinese households on average had a net worth of 439,000 yuan, equivalent to about $71,000 in 2012, up 17 percent from the level in 2010. The report also showed nearly 75 percent of Chinese household wealth came from owning real estate. It also said that China’s wealth inequality was fuelled largely by the disparity in wages in cities and rural areas.
Source: CCTV News
