CHINA’S households hide as much as 9.3 trillion yuan (S$1.5 trillion) of income that is not reported in official figures, with 80 per cent accrued by the wealthiest people, a study showed.
The money, much of it likely ‘illegal or quasi-illegal,’ equates to about 30 per cent of China’s gross domestic product, the study, conducted for Credit Suisse AG and published last week by the China Reform Foundation, found.
The average urban disposable household income in China is 32,154 yuan, or 90 per cent more than official figures, according to the report.
Most of that extra cash is going to the wealthiest families. The top 10 per cent of China’s households take in 139,000 yuan a year, more than triple the official figures, according to the Credit Suisse report.
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