This article is by Channel News Asia
Read more about it here: Commentary: A rising middle class and emerging tech giants - China’s decade of sweeping economic change
An excerpt from Channel News Asia:
“The Chinese authorities remained dedicated to their long-term plan to revise the country’s growth model, by shifting away from exports and towards domestic consumption. In fact, the Global Financial Crisis in 2008 served to strengthen that commitment, as it underscored the risks of China’s dependence on foreign demand. This commitment has paid off. Over the last decade, many millions of Chinese have joined the middle class, which is now 200 to 300 million strong. .”
“Thanks to such efforts – together with mergers and acquisitions to acquire key technologies and lucrative infrastructure investments in developed economies – China’s economy almost tripled in size from 2008 to 2018, with GDP reaching 90 trillion yuan (US$13.6 trillion).”
“With an average net worth of US$139,000 per person, this group’s total spending power could amount to over US$28 trillion, compared to US$16.8 trillion in the United States and US$9.7 trillion in Japan.”
Your On-the-Ground People in China.
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