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Abstract:
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Using a large and continuous nationally representative survesy, China Household Finance Survey, this paper first documents the decreasing trends both household wealth and income inequality in China between 2010 -- 2021. Further analysis shows that the decreasing wealth inequality is largely because of a combination of a higher gains in housing wealth than non-housing wealth and a higher proportion of housing wealth in low wealth families. The elderly have seen the largest gain in reducing inequality because they are well-covered by a fast-growing but relatively equal social retirement benefit. However, income inequality remains high and changes little for the working age people. A more targeted effort is needed.
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