China will be middle-class by 2030, based on income measures, according to recent research. In terms of per capita consumption, the country is at an early-to-middle stage of development broadly equivalent to Malaysia in the 2000s, says a Economist Intelligence Unit report. Last year, almost 40% of the population were in the low-income bracket (with an annual personal disposable income below $2,100), but that number will fall to 11% by 2030 as people acquire lower middle-income status ($2,100-$10,800 a year). The government has been trying to boost consumption and reduce poverty for years.
China will be middle-class by 2030, based on income measures, according to recent research. In terms of per capita consumption, the country is at an early-to-middle stage of development broadly equivalent to Malaysia in the 2000s, says a Economist Intelligence Unit report. Last year, almost 40% of the population were in the low-income bracket (with an annual personal disposable income below $2,100), but that number will fall to 11% by 2030 as people acquire lower middle-income status ($2,100-$10,800 a year). As average disposable incomes rise, higher spending is expected on cars, luxury goods, financial services and health.