China's middle class population could total 700 million by 2020

08:17, July 20, 2010      

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The latest report from Euromonitor International said that the development of China's economy has led to an increase in the number of citizens considered to be middle class, and they could total 700 million people by 2020.

The Research Report on National Population Development Strategy also said the annual income of the middle class is expected to reach an average of $11,800 to $17,700 (79,945 yuan to 119,918 yuan) in the next decade.

China's total population is expected to reach 1.45 billion over the same period, and this means that the country's middle class will constitute more than 48 percent of the total population.

In 2001, China's middle class accounted for about 15 percent of the total population, and the middle class currently makes up about 23 percent of the total population.

Analysts say the ratio will continue to grow as the country's economy develops.

But media reports say China still lags behind some developed countries regarding the size of its middle class.

In the US, the middle class makes up about 80 percent of the total population, and their annual income reaches between $30,000 to $200,000.

And Brazil's middle class constitutes about 49 percent of the country's population

Kyoichi Ishihara, professor at Kobe University in Japan, says that if China wants to increase the size of its middle class and narrow the income gap, it needs to redistribute its tax income, improve education and social security and foster a corporate culture that promotes social responsibility.

Source: Global Times


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