Typical Chinese adult is now richer than the typical European adult

businessinsider.com

13 pointsxqcgrek22 comments

This is unsurprising given that china is ocd about money(wealth) leaving china mainland.

The trick to remember is that china had set up government run shopping or purchasing unions, that allow everyone to buy things cheaper, but only Chinese products.

The Chinese government regularly boasts that Chinese citizens effectively earn 20% more due to these unions, and describe it like capital gains that will help everyone year on year.

I'd appreciate a link to one of those "regular boasts", because all the group buying I'm aware of is privately organized. (Basically acquaintances agreeing to buy together so they can get bulk rates from a wholesaler – though the discount relative to retail prices is unlikely to reach 20%.)

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