The Economist is preparing an opinion piece about how this is bad as we speak.
this post was submitted on 29 Oct 2024
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Looking at this graph, this may just be a case of the spike during COVID subsiding.
It looks like the role of private sector is also shrinking in the economy https://www.piie.com/research/piie-charts/2024/chinas-private-sector-has-lost-ground-state-sector-has-gained-share-among
Sometimes I see statements on the internet that in China "2% of all the people own 98% of the wealth" (uncited stat of course), I wonder what they'd think of this.
YAY