It's pretty bad if you consider the fact the total income of Ming is only eight ducats higher than France in 1444(the total income of France was around 15 ducats and 23 ducats for Ming).
This is because Ming's initial merchant setup is suboptimal. If you switch to the Eunuchs, fiddle with trade flows and build some light ships, by 1448 you're making enough money to support a troupe of +3/+3/+2 advisers.