mandag 15. juni 2020

After COVID-19, Can China Still Become ‘Moderately Prosperous’?

2020 was supposed to be a triumphant year for China and the Chinese Communist Party (CCP). The country was set to finally transform into a xiaokang shehui – rendered in English as “moderately prosperous society.” Gross domestic product (GDP) and disposable income would be double what they were in 2010, and no Chinese citizens would be living under the national poverty line of 2,300 RMB per year at 2010 prices ($340).

Before the Chinese Spring Festival, China’s prospects of achieving xiaokang — “moderate prosperity” — seemed good. To reach its GDP goal, the economy would have had to grow by around 6 percent this year. Poverty alleviation was similarly on track. By the end of 2019, there were still 5.5 million people living in poverty according to the National Bureau of Statistics (NBS). Since 11 million were lifted out of poverty in 2019, completely eliminating poverty this year would be an achievable, albeit still difficult, task.