Still. 120 USD minimum spend is very expensive. When i was in school when i was a kid we had to buy stuff to give to the chinese because they didn't have enough. The school collected all of our stuff and sent it to China telling us that there people were living with 1 usd per day and even less.
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I think the situation used to be broadly like that but big cities like Beijing are now just super metropolises like any other modern developed city. Wages are catching up too.
scrolled the comments for this exchange rate!