ABSTRACT
China has made great progress in economic development and innovation. But as social and economic inequality followed development, coping with them became a difficult and sensitive issue. China has made great progress in economic development and innovation. But as social and economic inequality followed development, coping with them became a difficult and sensitive issue. While for a socialist regime equality is usually a key socio-economic goal, in China, after the country entered a transition to market economy, inequality quickly followed economic development. Since 1997, the seriousness of inequality in China has been increasingly recognised by the Chinese government. It is expected that China, as a socialist country, should establish more ways to balance development, innovation and inequality. Through an open and market-based reform, China has witnessed the finest period of economic growth and catch-up in modern Chinese history in terms of speed and stability.
