POST COLD WAR WORLD
RISE OF CHINA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Inequality between the west and the east
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Equality between the west and the east
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Inequality between the North and the South
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None of the above
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Detailed explanation-1: -Inequality and Economic Reform As reforms introduced since 1979 shifted China from a centrally planned system towards a market economy, a series of changes inevitably caused income inequality to rise. Wages started to better reflect the market demand for labour and value of education and skills.
Detailed explanation-2: -While demand, debt, and decoupling pose immediate challenges for Xi’s third term, China’s demographic change will shape the long-term prospects of the Chinese economy. Looking ahead, China faces the real challenge of getting old before it gets rich.
Detailed explanation-3: -Some of key factors behind the increase in within-country income inequality noted in the literature include technological progress, globalization, commodity price cycles, and domestic economic policies such as redistributive fiscal policies, labor and product market policies.