China is a much larger country than Ukraine, but neither is known for a high level of life. How does living in the Middle Kingdom compare to the way of life in the largest country located in Europe?

Comparing life in Ukraine and China

Finance.ua reported on how the level of life compares in China and Ukraine.

Wages

In China, minimum wages vary around by region. On average, the minimum monthly wage in China in 2020 was about 2,480 Yuan (UAH 10,700 or USD 383). The minimum wage in Ukraine is UAH 6,000 (USD 213).

The average wage in China in 2019 was 90,501 Yuan per year or 7,542 per month (USD 1,165, which is over UAH 32,500). In Ukraine in 2019 the average monthly wage was UAH 9,205 (USD 328).

Pensions

There is no minimum pension in China, as future pensioners are directly contributing to their pensions during their work life. In Ukraine, the minimum monthly pension the government pays is 1,769 hryvnia (USD 63).

Pension age in Ukraine will start at 60 for both men and women (from 1 April 2021). In China, men retire at 60 and women at 55.

GDP per capita

In 2019 GDP per capita in China was USD 10,261, while in Ukraine is was only USD 3,660. It’s a similar proportion as between average wages of employees.

China’s GDP was #2 worldwide in 2019 (USD 14.34 trillion), while Ukraine was at #56 with USD 153.78 billion).

Economic growth

In 2020, China was the only developed economy that didn’t contract during pandemics and managed to record 2.3% growth. Ukraine’s economy contracted by 4.2%.

Why is Chinese economy more successful?

Just some 40 years ago China was a rather poor and isolated country with a planned economy. Chinese economic reforms began in 1979. It is these reforms that made China the second economy worldwide, sure to overtake the first position that the USA had been holding for decades.

Freeing the market and attracting foreign investments followed by decentralization created the base to develop private businesses. Until 2020 Chinese economy was growing by whopping 9.5% annually, doubling its GDP every 8 years.

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