As the number of Chinese college graduates increases, their average monthly salaries lag behind. By 2017, over seven million students are expected to graduate, a yearly increase of less than three percent.
China is expected to move across middle-income stage following L-shaped trajectory and exceed the 'high income threshold' in 2022; in the next few years, more efforts should be used to improve income distribution and allow people to more so be in a state in which they are "getting sense", said Cai Fang, vice president of Chinese Academy of Social Science (CASS) on Thursday in Beijing.
Japan, South Korea and Singapore took different approaches to overcome the middle-income trap and successfully fostered a stable middle class to form a rugby-shaped society in terms of income.
Confronted with a prolonged slowdown, China is pinning hopes on a growing middle class to help the economy hold up against headwinds and transition to a consumption-led growth model.
Employees in the finance sector earned more money than those in other industries in 2015, according to the data released Friday by the National Bureau of Statistics (NBS).
Economists attending a recent forum organized by the Institute of World Economics and Politics of the Chinese Academy of Social Sciences in Beijing argued that if the government can successfully manage reforms, it is highly likely that China can further release its growth potential to become a high-income economy.
Surging house prices in Australia' s largest cities has contributed to the nation being the second least-affordable country to buy a house, a report revealed on Monday.
Oversea-Chinese Banking Corporation Limited (OCBC Bank) said on Friday that it recorded a net profit of 1.05 billion Singapore dollars (772 million U.S. dollars) for the second quarter of 2015, an increase of 14 percent from a year ago.
The threshold of the personal income tax should be raised from 3,500 yuan ($557) to 5,000 yuan or above to offset the rising living cost, a national legislator said.
Singapore will raise the personal income tax rates for its top earners from 2016, with the top marginal rate up 2 percentage points to 22 percent, in order to meet the needs of surging government expenditure.
The People's Daily, the flagship newspaper of the Communist Party of China (CPC), on Friday warned of the dangers financial inequality posed to society.
Cambodian Prime Minister Hun Sen on Saturday appealed to students to study hard to develop their own abilities to compete in regional job markets as the ASEAN will turn into a community by the end of 2015.
China on Monday reviewed a plan to reform the payment system for executives at state firms under direct central government control, the latest step by the government to reform the controversial income distribution system.
While the income inequality has been improving, Singapore still faces challenges of public transport and healthcare capacity.
Singapore's median monthly household income from work rose by 1.6 percent year on year in real terms in 2013, the Department of Statistics said on Tuesday.
Hong Kong Chief Executive CY Leung said Wednesday that the city's government proposes the introduction a Low-income Working Family Allowance to help keep low-income families from falling into the Comprehensive Social Security Assistance (CSSA) safety net.
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