Francesco Sylos Labini
Today’s interest in China coincides with the interest in the so‑called “Chinese miracle”: the greatest and fastest improvement in living conditions for the largest number of people in the shortest period ever recorded in human history. From 1980 to 2020, the share of the population living in extreme poverty was reduced to zero: from about 70% in urban areas and over 90% in rural areas to none. Per‑capita GDP increased twelvefold since 1990, while China’s total GDP in purchasing‑power‑parity terms surpassed that of the United States as early as 2015. Around 700 million people have moved from poverty into the middle class.
In the meantime, China has become the “factory of the world,” increasing its share of global manufacturing from less than 10% in 2000 to over 35% today. This growth has led to a rise in real wages of roughly sevenfold since 2000.
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