If we take a look at China’s economic data over the last decade, it is clear that standards of living have improved (Table 1). However, even with this growth, China is still a poor country. Half of China’s 1.4 billion population are farmers, with many of them living on very low incomes.
Many changes are underway in China. Since 2000, the urban population has grown from 36% to 51%. People who migrate to the cities will be far more productive there and usually better paid. This process is unlikely to stop, though it might slow down. However, rising incomes have led to rising demand for housing, accompanied by rapid price rises. The Chinese government has tried to slow down the price rises with increases in interest rates and new laws intended to restrict demand.
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