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China Currents 2009 Issue Volume 8 Number 3

China’s Emerging Consumer Market What’s Missing in China’s Stimulus Package?

China’s Emerging Consumer Market What’s Missing in China’s Stimulus Package?As the world begins to emerge from the worst economic recession in recent memory, stimulus packages enacted by various governments around the world are very much in the spotlight. The early verdict on China’s massive stimulus is favorable. The Wall Street Journal reports that “spending by Chinese consumers is holding up pretty well, partly because of heavy stimulus spending by a government flush with cash. Urban household spending in China was up 9.2% in the first half of 2009.”1

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A Novel Approach to Improving Rural Finance and Increasing Farmers’ Income

A Novel Approach to Improving Rural Finance and Increasing Farmers' IncomeChina’s stunning economic growth since 1978 has resulted in a ten-fold increase in real GDP per capita, with an average annual growth rate of 8.6% in the past three decades (China Statistical Yearbook, 2008). However, urban incomes have continued to outstrip rural incomes – the per capita income ratio between urban and rural people widened to 3.3:1 in 2007 from 2.6:1 in 1978 (China Statistical Yearbook, 2008) – and the trend is a major concern for the government. A policy announced in 2004 to phase out agricultural taxes has not worked to reverse the income gap. Undoubtedly, this disappointing outcome calls for additional supporting measures for farmers.

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