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Give workers more of the growth bonus

China Daily | Updated: 2018-03-06 07:10
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A catering enterprise gives out 1.65 million yuan year-end bonuses in Zhengzhou, Central China’s Henan province, Jan 19, 2017. [Photo/VCG]

Data from the National Bureau of Statistics show that the development gaps among Beijing, Tianjin and Hebei province shrank last year, and integration of the three places, a key development strategy of the central authorities, has progressed. Beijing Youth Daily comments:

Last year, the per capita disposable income in Beijing was 57,230 yuan ($9,036), in Tianjin it was 37,022 yuan and in Hebei 21,484 yuan, up 6.9 percent, 6.5 percent and 7.1 percent respectively year-on-year.

The growth in disposable personal income in these three places is faster than the growth of their gross domestic product.

While the slowing down of economic growth and the cooling down of the real estate market have increased the financial pressure on local governments, the governments of Beijing, Tianjin and especially Hebei have done a good job in letting the people enjoy more of the bonus of growth.

Wages as a proportion of GDP have declined, while the proportions attributable to government revenue and enterprises' profits have increased.

People should receive more of the national growth bonus, particularly ordinary bread earners. To put it simply, employers should raise wages. The increasing cost of labor rise is not only an inevitable trend, but also a necessary move to address the long-term imbalances in wealth distribution and to maintain social stability.

The government should markedly increase the laborers' share in the primary distribution of the national wealth, which, as experience shows, cannot be attained by simply setting a minimum wage.

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