In the 40 years since China opened its economy to the world, its population has experienced dramatic changes in their living standards – not least due to the urbanization and industrialization that followed, according to an article from China Briefing.
Economic opportunities significantly deepened as China became a supply chain hub for most of the world’s manufacturing processes. With that growth, the size of the country’s middle class expanded in kind.
The World Bank has ranked China as an ‘upper middle income’ country; its gross domestic product per capita income was US$8,827 in 2017.
Now, amid an economic slowdown and stuck in a trade war with the US China is depending on its middle class to stabilize domestic growth by spending more.
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