Lang Xianping: Abandon the target of 'maintaining 8% GDP growth', enrich the people by hiding wealth among them

by qingchuyulan on 2010-04-09 22:18:13

The translation of the provided Chinese text into English is as follows:

Foreign countries have saved so much money on one side, how to promote a quiet economy? In the past two or three decades, people's GDP growth has been very fast. Otherwise, the decline in per capita savings is far lower than GDP. Do you know what this means? It indicates that the connection between GDP growth and ordinary people is getting further and further apart. Do you know how poor this policy has made us common people?

The wage share divided by GDP: in the United States and the United Kingdom, it is 58% and 56%, respectively; in Japan, it is 53%; in France, it is 53%; in Canada, it is 51%; in Australia, it is 47%; South Korea is at 44%; Argentina is at 36%; Mexico is at 33%; Venezuela is at 31%. For those relatively poorer countries, Southeast Asian countries, including Thailand and the Philippines, are at 28%. What about Iran, which has been sanctioned by the U.S., and its neighbor Turkey? These two countries, which are also poor, are at 25%. We cannot find data for the continent, but according to estimates, it should be above 20%.

Please guess yourself, which region should China be similar to? Ninety percent of the people think that China's wage income divided by GDP is at the African level. How pessimistic you all are! In fact, it’s 8%. This is even worse than Africa, with the world's lowest wage income. How do you expect to promote consumption?

You might say that although our wage income is only 8% of GDP, our absolute wage income might still be manageable.

Let's take a look at the hourly wage income. The first developed country is $30.6 per hour. The United States, Japan, Canada, the United Kingdom, France, South Korea, Brazil, Malaysia, and Thailand are all ahead of us. China is at $0.8. Absolute wage income, M8, China’s hourly wage is the lowest in the world. Therefore, our wage income is the lowest in the world, and our GDP share is also the lowest in the world. Why? Because you haven't enriched the people.

Also, to what extent are we workers suffering? Not only is our wage income the lowest in the world, but our working hours are also ranked first. In China, annual working hours are 2200 hours. Why don't Europeans work as much? Because they are too lazy. Why does China work so many hours? Because the Chinese are a hardworking nation, right? Do you know why they work so hard? Tell me why. Because your wages are too low. Since you rank last, your wages are too low, and without working hard, how can you make a living? So, what kind of country is China? A country with extremely low wages. Why? Because wealth hasn’t been distributed among the people.

So, what should we do in the future? Enrich the people. First, through various policies, protect the profit rights of private enterprises, hoping that private enterprises will make more money, of course, state-owned enterprises are included as well. Then we need to establish a good distribution mechanism, which is how to effectively distribute the profits to all the common people, striving for everyone to become wealthy together. That's what I want to tell you: abandon the obsession with maintaining an 8% GDP growth rate and focus on enriching the people.