See also: Income inequality in China
China's middle-class population (if defined as those with annual
income of between US$10,000 and US$60,000) had reached more than
300 million by 2012.[310] According to the Hurun Report,
the number of US dollar billionaires in China increased from 130 in
2009 to 251 in 2012, giving China the world's second-highest number of
billionaires.[311][312] China's domestic retail market was worth over 20 trillion yuan (US$3.2 trillion) in 2012[313] and is growing at over 12% annually as of 2013,[314] while the country's luxury goods market has expanded immensely, with 27.5% of the global share.[315] However, in recent years, China's rapid economic growth has contributed to severe consumer inflation,[316][317] leading to increased government regulation.[318] China has a high level of economic inequality,[319] which has increased in the past few decades.[320] In 2012, China's official Gini coefficient was 0.474.[321] A study conducted by Southwestern University of Finance and Economics
showed that China’s Gini coefficient actually had reached 0.61 in 2012,
and top 1% Chinese held more than 25% of China’s wealth, while 430
million poor Chinese struggled to live.[322]Internationalization of the renminbi
Main article: Internationalization of the renminbi
Since 2008 global financial crisis, China realized the dependency of
US Dollar and the weakness of the international monetary system.[323]
The RMB Internationalization accelerated in 2009 when China established
dim sum bond market and expanded the Cross-Border Trade RMB Settlement
Pilot Project, which helps establish pools of offshore RMB liquidity.[324][325] In November 2010, Russia began using the Chinese renminbi in its bilateral trade with China.[326] This was soon followed by Japan,[327] Australia,[328] Singapore,[329] the United Kingdom,[330] and Canada.[331] As a result of the rapid internationalization of the renminbi, it became the eighth-most-traded currency in the world in 2013.[332]
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