Income inequality in China is worse than previously estimated, according to a new paper published last week by the National Bureau of Economic Research. Still, it’s not as bad as the U.S. Estimates by the new World Wealth and Income Database (WID.world) – an ongoing project of the authors, economists Facundo Alvaredo, Lucas Chancel, Thomas Piketty, Emmanuel Saez and Gabriel Zucman – reveal that China’s richest 1 percent actually holds at least double the share of national income originally reported.
China can still reverse inequality before it’s as bad as the U.S.
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