China has world's largest middle-income population
Dec. 22, 2017 -- China has the world's largest middle-income population, according to the Central Economic Work Conference which was concluded on Wednesday.
Expanding the middle-income population in China is a vital method to build a moderately prosperous society in all respects and maintain security and stability of the nation.
Since the third plenary session of the 18th Central Committee of the Communist Party of China (CPC), China has been developing an olive-shape distribution pattern to shrink income gaps between urban and rural areas, different regions and industries.
The report to the 19th CPC National Congress also pointed out that China will expand the size of the middle-income group, increase income for people on low incomes, adjust excessive incomes, and prohibit illicit income.
Equal opportunities and unimpeded flow of labor and talents play an important role in powering economic development, advancing social progress and improving income distribution, said Cai Fang, vice-director of Chinese Academy of Social Sciences.
China will have a bigger middle-income group as it strives to build a moderately prosperous society in all respects and embarks on a new journey to build a modernized socialist country, Cai added.
By: Ma Yangyang