China has more serious wealth bipolarization than US

The bipolarization of wealth faced with China is more serious than that of the United States, according to Bloomberg Thursday.

A research team from Michigan University came with the result based on five surveys carried out by five Chinese universities. The team said China registered 0.55 in terms of Genie index compared with 0.45 for the U.S. in 2010.

This means the gap between the haves and have-nots in China has more than doubled over the past 20 years. In 1980, China’s Genie index reached 0.30. The higher index means the more economic gap.

The research team analyzed that the wealth gap has continued to deepen in China since the Chinese government has been focusing on development of urban areas while neglecting the rural ones.