Shades of grey: grey income
In 2010, an academic from the China Reform Foundation, Wang Xiaolou, published an influential report on the extent of the unreported—or ―grey‖— income of China’s households. The report was controversial, as it suggested that the discrepancy between officially reported income and the actual wealth held by Chinese households was equivalente to nearly 30% of China’s GDP in 2008—a staggering amount. It also claimed that the under-reporting of income was most flagrant among China’s wealthier households, suggesting that levels of wealth inequality were much wider than officially recognised. Income tends to be understated in official household surveys, as individuals are concerned that the information they disclose might be passed to the authorities (tax evasion is rife in China).
© The Economist Intelligence Unit Limited 2012
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