Posted 1/21/2024, 10:00:26 PM
China's Middle Class Feels Squeeze as Jobs and Incomes Falter
- China's middle class is struggling with unstable jobs and incomes, threatening to drop out of middle-income status
- Middle income group defined as 3-person household earning 100K-500K yuan per year
- Around 400M middle income earners in China, but many are lower-middle and vulnerable to economic shocks
- Survey shows only 17.5% of 31-40 year old middle class saw asset growth in 2023, much less than prior years
- Consumption downgrading among middle class, with slower wealth growth and weaker economic outlook