JD Vance blames US wage losses on China building its middle class

Relations between Washington and Beijing are at their lowest point in decades, driven by disputes over trade, technology, human rights and China's increasingly aggressive approach to its territorial claims involving Taiwan's autonomy and the South China Sea.

Jason Lee | Reuters

BEIJING US presidential candidate Donald Trump's new running mate JD Vance took a tough stance on the China issue in his first speech since his election earlier this week.

“Together, we will protect the wages of American workers and stop the Chinese Communist Party from building its middle class on the backs of American citizens,” Vance said on the third night of the Republican National Convention.

He also called for more factories in the United States and restrictions on foreign workers, but did not name specific actions.

Vance, a former Trump critic, rose to fame with his book “Hillbilly Elegy,” a first-hand account that sought to describe the impact on the American economy of the outsourcing of manufacturing out of the country. As a current senator from Ohio, Vance proposed legislation in September to promote American-made gasoline and hybrid cars and eliminate subsidies for electric cars.

China's ruling Communist Party has increasingly focused on developing advanced manufacturing and has declared one of its goals for 2035 to “substantially increase the share of the middle-income group in the total population.”

China has a population of 1.4 billion, more than four times the population of the United States (336.7 million). McKinsey predicts that the number of upper-middle- and high-income Chinese households could reach 200 million next year.

However, China remains much poorer than the United States in terms of per capita income.

According to the National Bureau of Statistics, the per capita disposable income of China's middle class stood at 32,195 yuan ($4,436) last year, slightly lower than the national level of 39,218 yuan. The bureau defined each income category by dividing all surveyed households into five equal parts, including upper-middle-income, middle-income and lower-middle-income groups.

According to data from the U.S. Bureau of Economic Analysis, disposable income per capita in the United States was several times higher than in December, at $61,033.

Looking at the American middle class, the median income was $106,100 in 2022, according to Pew Research.

But the share of Americans considered middle class fell to 51% in 2023, down from 61% in 1971, according to Pew. The share of high-income Americans grew slightly more than the share of the low-income segment during that period, the study found.

In his speech, Vance criticized Wall Street and “cheap foreign products” from China. He also blamed China for the fentanyl crisis.

Since joining the World Trade Organization in 2001, China has increased its role in global supply chains. Many major global companies rely on lower-cost production centers in China for supplies.

Trump has said he plans to raise tariffs on Chinese goods to 60% if re-elected in the fall. He raised tariffs on Chinese goods when he was president about six years ago, and the Biden administration has left them intact.

Vance told Fox News earlier this week that rather than the war in Ukraine, China was the “real problem” for the United States and posed the “biggest threat.”

Asked about Vance's comments, Chinese Foreign Ministry spokesman Lin Jian told a daily press briefing Tuesday: “We always oppose China being an issue in the U.S. election.”

CNBC's Lora Kolodny contributed to this report.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos