Class Leapfrogging and Common Prosperity:Income and Wealth Mobility in Households,Including Their Constraints
China has made significant progress along the road to common prosperity.To achieve a higher level of prosperity,it is necessary to strengthen low-income households'class mobility,improve their income and asset status,and accelerate the reduction of the income and wealth gap between groups by"expanding and lowering".Based on CFPS survey data from 2010 to 2020,this research examines the level of class mobility and its upward mobility limits among low-income households in China using the dual dimensions of income and assets.This study initially adjusts for life cycle bias and transitory fluctuation bias in income data,then uses the transfer matrix method and quantile regression model to evaluate the class mobility rate and long-term stable quantile of low-income households,as well as conduct robustness testing.Finally,the counterfactual analysis approach is utilized to study how external resource differences hinder low-income households'upward mobility.The study discovered that,firstly,in recent years,the level of class mobility of low-income households in China has improved,with about half of the probability moving into the higher class.The relative and absolute mobility levels have steadily improved,and higher financial status can be achieved in the long run.Secondly,low-income households'income has a higher overall level of class mobility than assets,implying that they have a greater chance of class leapfrogging in income.Thirdly,there are large disparities in the degree of class mobility among different low-income households.Low-income households who live in economically developed areas or have a better level of education have a greater advantage in terms of class advancement and long-term wealth creation.Fourthly,low-income households have strong relative mobility,which helps them move into the middle-income group.However,a lack of externally beneficial resources makes it difficult for this group to advance to the upper wealth classes.Reducing regional disparities in economic resources and education levels is critical to promoting a significant increase in the low-income households.This essay contends that low-income households find it challenging to fully express their desire for upward mobility since they are at a disadvantage when it comes to the distribution of social resources overall.As a result,the wealth disparity between households of low-income and those of other classes remains for a long time,slowing down the process of reducing social inequality.Actively promoting the equalization of public resource allocation among regions is required to further increase the mobility level of low-income households and narrow the income and wealth gap.
low-income householdsclass mobilityupward flow constraintequalization of public resources
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万方数据
