Beijing to raise minimum wage to stave wealth disparity, second raise in 6 months

[Cuyo]

“While China’s living standards have dramatically risen over the past 30 years, the gap between rich and poor has sharply widened,” Yu Yongding, an influential former adviser to China’s central bank, wrote in a newspaper article last week. “With the contrast between the opulent lifestyles of the rich and the slow improvement of basic living conditions for the poor fomenting social tension, a serious backlash is brewing.”

Maybe they're onto something?

FT.com / China - Beijing city to raise minimum wage 21%

 

[Revere]

What is the minimum wage in China, in US dollars?

I can't read that article without registering.

 

[Cuyo]

What is the minimum wage in China, in US dollars?

I can't read that article without registering.

Ahh. Link no good peeps, if you google "China minimum wage increase" it'll come up on news... Guess it knows it's a link and that's not allowed. My bad.

 

[Revere]

It's now 960 yuan, or $145 per month.

I woud support a US minimum wage of $145 per month, or 90 cents an hour based on 40 hours.

Does that answer your question?

 

[Cuyo]

It's now 960 yuan, or $145 per month.

I woud support a US minimum wage of $145 per month, or 90 cents an hour based on 40 hours.

Does that answer your question?

No. It completely ignores the underlying justification. You'd have to do an in depth study of related COL pricing in China in order for that answer to have any relevance at all.

 

[Revere]

This thread didn't work out the way you planned, did it?

 

[Two Thumbs]

“While China’s living standards have dramatically risen over the past 30 years, the gap between rich and poor has sharply widened,” Yu Yongding, an influential former adviser to China’s central bank, wrote in a newspaper article last week. “With the contrast between the opulent lifestyles of the rich and the slow improvement of basic living conditions for the poor fomenting social tension, a serious backlash is brewing.”

Maybe they're onto something?

FT.com / China - Beijing city to raise minimum wage 21%

Now this is some full circle irony.

Decades ago this little known farmer named Mao, got the down trodden poor together and murdered the wealthy. At least 60 million were put do death before Comrade Mao slipped his mortal coil and began cooking in hell.

And now, the descendent's of the people he cast out, but not murdered, are getting ready to over throw the tyrants once more.

Sweet, sweet karma.

 

[bucs90]

The gap between rich and poor is growing?

But how? China is a wonderful, sensitive, tolerant caring socialist/communist country? Evils such as income gap only happens in wicked, freedom loving capitalist America?

 

[Cuyo]

Damn u mods! "Global Discussion: Asia," really? Might as well bury it in a cave on Mars. I was viewing it in the context of our own economic disparity problems.

But then I figured that might happen.

 

[Revere]

The income disparity in China is between minimum wage workers and the state.

 

[Cuyo]

The gap between rich and poor is growing?

But how? China is a wonderful, sensitive, tolerant caring socialist/communist country? Evils such as income gap only happens in wicked, freedom loving capitalist America?

Lol, they have a growing capitalist economic system... Just ask Liability...

Again doesn't really address the post at all, not that there's any hope of that NOW.

 

[Revere]

The premise of the thread is asinine.

The government of China sets all compensation levels.

 

[loosecannon]

It's now 960 yuan, or $145 per month.

I woud support a US minimum wage of $145 per month, or 90 cents an hour based on 40 hours.

Does that answer your question?

that translates to $9.90 in US GDP/capita. Satisfied?

 

[loosecannon]

The premise of the thread is asinine.

The government of China sets all compensation levels.

no they don't. Why would you entertain such an asinine idea?

 

[loosecannon]

The gap between rich and poor is growing?

But how? China is a wonderful, sensitive, tolerant caring socialist/communist country? Evils such as income gap only happens in wicked, freedom loving capitalist America?

China is attempting a capitalist econ transformation. Hence wealth disparity is inevitable as wealth disparity is the basis of capitalism.

 

[Revere]

It's now 960 yuan, or $145 per month.

I woud support a US minimum wage of $145 per month, or 90 cents an hour based on 40 hours.

Does that answer your question?

that translates to $9.90 in US GDP/capita. Satisfied?

Has nothing to do with buying power.

Ask the idiot who started the thread who is pissing all over himself becausse the minimum wage in China is 90 cents an hour.

 

[Two Thumbs]

The gap between rich and poor is growing?

But how? China is a wonderful, sensitive, tolerant caring socialist/communist country? Evils such as income gap only happens in wicked, freedom loving capitalist America?

China is attempting a capitalist econ transformation. Hence wealth disparity is inevitable as wealth disparity is the basis of capitalism.

They aren't using free market capitalism, they are using croneism. Only those willing and able to bribe or those that are connected make it.

This is the evil form of capitalism so many think exist here.

 

[R.C. Christian]

The pariah state of China is the biggest enemy we face. I loathe retarded threads like these that seek put them in some kind of benevolent light.

 

[Cuyo]

The pariah state of China is the biggest enemy we face. I loathe retarded threads like these that seek put them in some kind of benevolent light.

This thread does no such thing. Perhaps if you see them as a current or potential enemy, you should advocate that we stop sending them such a tremendous amount of our money.

The premise merely points out that they have a growing disparity problem, and have identified it and are taking measures to prevent it, foreseeing and attempting to prevent the inevitable problems that go along. Meanwhile, our disparity issue is far worse and our politicians lack the clout to either admit or address the problem.

What it translates to in USD, what type of socio-economic system they have, are utterly irrelevant.

 

[iamwhatiseem]

It is juvenile to compare China's situation to the U.S.
You could not possibly have two polar opposites of how the government handles money.
If China even BEGAN to act like the U.S. - it's economy would implode in a week.