I wouldn’t say that I agree with all Minxin Pei‘s analysis of the Chinese economic transition, about the rise of the middle class. He nails the definition middle class really well. It isn’t a like for like comparison with the middle class in the west.
What’s driving the Chinese economic transition of the middle class?
- Chinese economy now worth 5 trillion USD
- China is now third largest trading partner and world’s largest exporter
- China has worlds largest foreign currency reserves 2.5 trillion dollars
- Lenovo is the world’s fourth largest computer manufacturer
- Huawei is the worlds third largest network infrastructure company
- Chinese high-speed trains can do 200mph, faster than the Shinkansen trains of Japan
- Obesity is starting to become a problem in China
- Every day about 1 million Chinese move from the rural parts of the country into the cities | urban centres
- China consumes 50 per cent of the oil that the US does
- China building 2-3 nuclear power stations per year
More economics related content here.