In the 40 years since the reform and opening-up policy was adopted, China has had five major achievements in social development.
First, people’s well-being has improved and the middle-income group has expanded. In 2017 the per-capita disposable income of Chinese residents reached 25,974 yuan ($3,770), a real growth nearly 22.8 times more than in 1978 after deducting price factors. The average annual growth was 8.5 percent. Per-capita consumption expenditure stood at 18,322 yuan ($2,659), a real growth 18 times more over 1978, with an average annual growth of 7.8 percent.
In 2017, the Engel’s coefficient for Chinese residents was 29.3 percent, 34.6 percentage points lower than the 63.9 percent in 1978, reaching a stage of affluence. No matter whether measured against the standards of the World Bank, or the Chinese…