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China's economic growing pains
"While the coastal cities of Shanghai, Tianjin, and Beijing give the impression of wealth and a standard of living on par with the advanced countries, most of rural and inland China is much poorer, some of them with large numbers living in difficult economic circumstances," said Vikram Nehru, a senior associate in the Asia Program at the Carnegie Endowment.
Nehru estimates that 200 million people in China live on under $2 a day. population.
If the Chinese economy continues to grow at a rapid clip, more of those people could stand a chance at improving their quality of life, but that transformation will take years.
The Chinese government has said it expects to see its gross domestic product grow 7.5% this year, a slowdown from the years of 10% gains.
At that rate, it could take until 2018 or 2019 for China's economy to reach $15,000 per capita a benchmark considered by many analysts as the rough minimum for a developed economy.
First Published: April 23, 2012: 5:11 AM ET
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