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China has 300 million middle-income earners

By Sun Wenyu (People's Daily Online)    17:01, January 09, 2018

China has 300-million middle-income earners, over 30% of the world’s total, according to Outlook Weekly, a magazine hosted by China’s Xinhua News Agency.

The average disposable income per capita of China stood at 23,821 RMB ($3,656) in 2016, 44.3% more than that in 2012. With the improving quality of Chinese economy, more and more people will join the middle-income group.

However, the middle-income class usually makes up more than 60% of the population in developed countries, noted Mao Shengyong, a spokesperson for China’s National Statistics Bureau (NBS). The middle-income group in China is growing, but there is still a huge gap, Mao added.

Though there is no standard definition of middle-income, the World Bank’s criterion of annual income between $3,650 and $36,500 has been widely adopted, said Mao.

Previous research by Credit Suisse revealed that there are around 1.05 billion people in the middle-income class globally, and 35% of them are in China.

Economic stability, urbanization, emerging industries, improving service sector, and poverty alleviation have all contributed to the enlargement of this group in China, according to Mao.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Bianji, Hongyu)

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