China’s economic growth in 2018 has dropped to its slowest annual rate since 1990. Even China’s state-run media have run articles outlining China’s serious economic woes: piling local debts, frequent peer-to-peer lending crises, a shaky housing market, a falling stock market, and soaring unemployment.
In January this year, while speaking at an executive meeting of the cabinet-like State Council, Chinese premier Li Keqiang warned that everyone should get prepared for a “frugal life” ahead of a tough economy. But that’s not the case for high-ranking communist officials. They are guaranteed an affluent and worry-free retirement life.
