The standard of living is much lower. Luxury goods are non-existant for the average Chinese citizen. In 1976 I bought Chinese Hand Hoists for $15 when the cost to make on in America was over $300. In fact, the wrong way to compare costs between countries is to use the U.S. Dollar cost because the selling price in China is not market driven, it’s decided by the government which doesn’t have all of the facts. That’s not a knock against China or America because the cost of anything is decided by fiat in China because the idea of a market is simply not available in a totalitarian system. China has no idea of the cost of anything it produces because there is no accounting system at the factories because the idea of accounting doesn’t exist in a totalitarian system. Nothing has to be accounted for so there’s no reason to set up a system to do it.
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