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So basically education cost grows only slightly faster than median income. Given the biggest portion of the cost is human capital, this makes economical sense.
reference: https://www.npr.org/2012/04/02/149575704/the-1940-census-72-...
As we are all parts of the society that we can't escape from, regulation matters a lot to everybody who may or may not use facebook products.
Cutting costs and investments can easily dress up short-term financial performance at the cost of long-term productivity. But it will look good for investors who don't understand the underlying matter and rely on simplistic metrics to make investment decisions.
It turns out that the reason is that screening for basic math competency could be discrimination, because it reduces the chance of hiring for minorities who do less well at math testing. If the quiz were carried out in US, the company would need to prepare some report stating that math is essential to the job, which would be very cumbersome and costly to do scientifically.
I found it ridiculous as the position clearly needed math and I believe basic arithmatic is a valuable skill to ask for majority of the jobs, even for low-skill positions like cashier at Walmart. While eliminating discrimination is a great cause, all the band-aids to make the issue look less bad is shameful. Instead of improving basic education for minority communities (which costs some money now with high return from enhanced labor productivity and less welfare), our governments/society artificially discriminate in the opposite direction and suppress valid criteria that are statistically unfavorable to minorities.
- Activity detection. If something interesting is happening in front of a camera (e.g. two people running in front of a camera middle of the night), AI detects that and pops the view up in front of humans for further action. Because less than 1% of cameras contain any useful info at any moment, they don't need that many humans to watch those cameras live.
- Face recognition. For many cameras, Face capture and recognition is running live and report any criminals or targeted personnel to police.
- Footage markup. If police need to go through the camera footage manually, the recording playback can skip the uninteresting parts to save time.
Combining these with unrestricted real-time integration of other data sources, such as real time GPS from mobile apps, cell tower call history from telecoms, network traffic inspection and remote spying capabilities, Chinese police forces can pretty much find anybody very quickly. They are also known to have state of the art big data platforms developed in house.
One anecdote I read: Somebody killed a person in a small city middle of the night, removed battery of his phone, ran to his car parked on street, drove a couple of hundred miles to another middle sized city, only to be caught in a motel next morning. How? Complete camera footage covering his walking path, vehicle plate tracking all the way to his destination, and motel check-in system that is also integrated with police.
China's per capita GDP is only 8000 USD (vs 57000 for USA). So average Chinese people are still poor, and only few people are rich. But that's what is supposed to happen in a developing country undergone huge socio-economic changes.Also impoverished districts and poor people on streets can be found in pretty much any country, developed or not.
Older Chinese people (born before 1980) are mostly savers with mortgage paid off. Younger Chinese in big cities are more open to spending. Because those older people still hold majority of the existing wealth, China is a saver economy overall. That may change when younger generations start to take over. Housing is expensive and bubbly in big cities and certain regions but more affordable in smaller cities and rural areas. There is no property tax on housing in China and rent is expected to rise for many years to come. So high property cost is not as crazy as the price comparison suggests.
Chinese economy has some problems. Its debt load and housing bubble may bring major slowdown to the economy. But a recession will not be the end of China. Economic cycles should occur in China anyway. USA has experienced many financial crises and recessions and is still doing fine.
Pollution is bad in China, as in many other developing countries and in US and Europe a hundred years ago. That does not contradict its leading status in green-tech investment and research. Big problems lead to big problem-solving effort and political support.