Title: China's middle-class boom - Jun. 26, 2012
Headings: China's middle-class boom
The Rise of China
China's middle-class boom
Meet China's 'middle class'
U.S. companies betting big in China
China: World's largest supplier of educated workers

Content: With roughly $800 free each month to spend on discretionary items, she owns a $4,700 Gucci watch, a $1,600 Burberry coat and a $320 Hermes silk scarf. "Buying Louis Vuitton, Apple or other cool stuff is important for many Chinese, showing off that they're modern, sophisticated and have status," said Wang. China: World's largest supplier of educated workers
Plus, Wang points out that in reality, Chinese incomes are probably much higher than the government reports. That's partly because households often underreport their income, fearing the government will pass on the information to tax collectors. The official government figures also don't include rampant under-the-table payments, large cash gifts around Chinese New Year, bribes or land deals. Professor Wang Xiaolu of the China Reform Foundation, in a report for Credit Suisse, estimated in 2008 that the average income was actually 90% higher than the government reported. "Somehow people always seem to have a lot of cash, even though official data shows income at about $3,000 per capita," said Wang. " There's a lot of grey income in China." First Published: