Why middle-class growth, consumption are key to China’s economic success

Last year was the fin de siècle for the Communist Party. The party proclaimed it had achieved the first 100-year plan and eradicated absolute poverty. China delivered GDP per capita of close to US$10,500 with some 400 million people now middle class.Beyond being the world’s largest trading nation, China is now the largest recipient of foreign direct investment. President Xi Jinping announced his ambitious drive to double the economy again between 2020 and 2035, and at the same time he has taken…

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