China's middle class is exploding

Reuters The American consumer has been a central driver of the global economy for decades. Fortunately for the overburdened American consumer, China’s middle class is going to be picking up more of the slack. China’s middle class is on fire. According to a study by consulting firm McKinsey & Company, 76 percent of China’s urban population will be considered middle class by 2022. That’s defined as urban households that earn US$9,000 – US$34,000 a year. (That might not sound like a lot, ...