How much of the news out of China can one really believe? While the West seems to be in a war against the middle class the news out of China is the CCP is seeking to boost its middle class! Whether that’s true or not this article says ‘A critical mission for President Xi Jinping over the next 15 years is likely to be doubling the size of China’s “middle-income” group after Beijing reaches its goal of eliminating absolute poverty next summer, analysts say.
The Communist Party has not specified the target in its 2035 vision – vowing only to “significantly expand the middle income group” – but the message is clear among top policymakers: China must increase its middle class to avoid the middle income trap, where a developing country’s growth stagnates because of structural obstacles that impede development.
Boosting the number of middle-income earners would also help the government implement its new “dual circulation” economic strategy that focuses on developing the domestic market to offset external uncertainty.
Officially about 400 million Chinese are categorised as middle income, which is generally defined by the National Bureau of Statistics as a family of three earning between 100,000 yuan (US$15,200) to 500,000 yuan annually, though the definition is not always consistent.
That represents less than a third of China’s total population. Japan counts two thirds of its population as middle income and the US about a half.
If China were to increase its middle-income population to near 60 per cent, some 800 million people would fall into the category, creating a consumer market larger than the populations of the US and European Union combined, and giving it huge economic leverage on the international stage.’https://www.scmp.com/economy/china-economy/article/3111929/china-looks-boost-middle-class-it-wraps-xi-jinpings-anti?utm_medium=email&utm_source=mailchimp&utm_campaign=enlz-gme_trade_war&utm_content=20201201&tpcc=enlz-us_china_trade_war&MCUID=6ece799d24&MCCampaignID=0d00512114&MCAccountID=7b1e9e7f8075914aba9cff17f&tc=14