Convergence of Inequality Dimensions in China: Income, Consumption, and Wealth from 1988 to 2018
利用1988-2018年家庭数据，发现中国收入不平等近年停止上升，但消费和财富不平等持续扩大，且三个维度上的不平等呈现趋同趋势，高收入家庭也倾向于高消费和高财富。
Abstract Using household data from 1988 to 2018, we confirm that the increase in income inequality in China has come to a halt in recent years but show that inequality in wealth and consumption continues to increase. We report a clear convergence of inequality across the different dimensions of income, consumption, and wealth. Households at the top of one dimension are increasingly located at the top of the other two dimensions. The mechanisms for such convergence across dimensions are analyzed. The savings rate links income and consumption, while capital accumulation is the central mechanism linking income and wealth. In addition, the wealth and income structure contribute to intensifying the convergence trend. We argue that the relatively high level of inequality in China may continue since income, consumption and wealth are increasingly reinforcing each other.