Question One On January 17th, 2023, National Bureau of Statistics of China released the country's economic development report titled as "National Economy Withstand Pressure and Reached a New Level in 2022", available on the following: http://www.stats.gov.cn/english/PressRelease/202301/t20230117 1892094.html. In this report, China's real GDP in 2022 is estimated to be 121,020.70 billion Yuan and the real GDP growth rate is reported to be 3%. As the Chinese government emphasizing the achieved "new level" of real GDP, some voices from the domestic and international sources call the income inequality in China "one of the highest among the major world economies". Earlier in 2020, while addressing his annual press conference, China's Premier Keqiang Li said, "there are still some 600 million people whose monthly income is barely 1,000 RMB (SUS145)." This statement caused shock waves for some time. a) Use the knowledge that you learned in this course to explain whether China's real GDP is a good indicator of standard of living of the average Chinese people? (6 Marks) b) Explain why the monthly income of $US145 mentioned by the Chinese premier might not be as bad as it seems in a more developed economy, say, in Canada. (6 Marks)