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China's growing but slowing inequality of household wealth, 2013–2018: A challenge to ‘common prosperity’?

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  • Wan, Haiyuan
  • Knight, John

Abstract

By examining the period 2013–2018, this paper follows up a previous one which analysed the increase in the inequality of China's wealth per capita over the period 2002–2013. It finds that the Gini coefficient, having risen rapidly over the earlier period, continued to grow but did so more slowly in the later period, at the national level and in both urban and rural China. Counterfactual analysis identifies the lower rate of house price inflation as an important reason for the slowdown. Policies and policy options are examined, both directly on wealth inequality and indirectly through control of house price inflation. Nevertheless, the rising inequality of wealth per capita among households does indeed pose a challenge to the achievement of ‘common prosperity’ in China. It deserves more policy attention.

Suggested Citation

  • Wan, Haiyuan & Knight, John, 2023. "China's growing but slowing inequality of household wealth, 2013–2018: A challenge to ‘common prosperity’?," China Economic Review, Elsevier, vol. 79(C).
    • Handle: RePEc:eee:chieco:v:79:y:2023:i:c:s1043951x23000329
    DOI: 10.1016/j.chieco.2023.101947
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    Cited by:

    1. Wan, Haiyuan & Gustafsson, Björn Anders & Wang, Yingfei, 2024. "Convergence of Inequality Dimensions in China: Income, Consumption, and Wealth from 1988 to 2018," IZA Discussion Papers 16719, Institute of Labor Economics (IZA).

    More about this item

    Keywords

    China; Common prosperity; House price inflation; Inequality of wealth;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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