Tuesday, March 13, 2012

China Daily: Income disitribution in China

Updated: 2012-03-13 08:19

By Chi Fulin (China Daily)

Timetable for release of comprehensive package should be worked out for fair and balanced development

China should work out a comprehensive income distribution reform package as soon as possible to promote sustainable, fairer and more balanced development of its economy and society.

The income distribution reform, one that is closely related with China's overall social reform and development, is already receiving a great deal of attention. Whether or not some breakthroughs will be achieved in this area will produce decisive influences on the country's consumption-based economic transformation, which is now in an important period of historical opportunities. It will also play a critical role in the country's march toward a common prosperity.

The convocation of the 18th National Congress of the Communist Party of China (CPC), due in the latter half of this year, has also raised expectations within society for some key breakthroughs in the reform of the country's current fraught income distribution pattern.

Such breakthroughs, if achieved, will help coordinate the country's major interest relationships, form extensive consensuses for its much-needed reforms and boost people's confidence. In view of these, China should regard the income distribution reform as a key task during the 12th Five-Year Plan period (2011-15) and try to come up with an overall reform package by the end of this year.

The Chinese perspective is interesting. Capitalism appears to be resulting in some big income distribution problems in China. Of course, the Chinese are not scared of the s-word: socialism. 

In the US the progressive income tax and Earned Income Tax Credit  are tsome of the means the government uses to mediate income inequality. 

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