**FAQs**
1. **What was the impact of China’s industrialization on global inequality?**
China’s industrialization has been almost singlehandedly responsible for the reduction in global inequality over the past 30 years. Thanks to its rapid growth, the gap between the world’s rich and poor has significantly decreased.
2. **How has China managed to share the benefits of growth widely among its population?**
Even though growth was fastest for the top earners, even the bottom 5% of wage earners in China saw significant real income growth. Studies have shown that the bottom half of the Chinese income distribution experienced faster income growth than those at the top.
3. **What are some tangible improvements in living standards that China has achieved through its growth?**
Chinese life expectancy has increased over the years, and improvements in diet and living conditions have been observed, especially in poor rural areas. Children entering school in China have been reported to be taller than before, indicating better overall health and nutrition.
4. **Is the US administration taking the right approach to competition with China in green industries?**
While supporting US manufacturers is important, some critics argue that a subsidy race in green industries could benefit the global effort to combat climate change. However, the approach of confrontation by the Biden Administration may hinder the potential for positive-sum competition.
**Conclusion**
China’s economic growth has been instrumental in reducing global inequality and showcasing the promises of globalization. Its success in industrialization and widespread sharing of growth benefits serve as a model for other countries to emulate. While competition in green industries between the US and China is essential, a confrontational approach may hinder the global effort to address pressing issues like climate change. Cooperation and a focus on aligning economic policies with the greater good of humanity can lead to a more equitable and sustainable global economy.