Middle management
HOME > PAST ISSUE > REPORTS [Premium content]May 2007
It takes more than number crunching to deconstruct the myth of the new Chinese middle class
China has made great economic progress in just over two decades, yet growth so far has been driven by heavy investment. For it to continue at the current pace, the general consensus among economists is that consumption needs to increase - but it is difficult to say just how many Chinese are in a position to drive this consumption.
A few years ago, Goldman Sachs put the figure at 100 million people, and saw it climbing to 650 million by 2015. McKinsey Global Institute published similar projections. ...
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