Another 270 million people, 70% of them from small cities, will be classified middle class or upper class in China in the next decade, according to a BCG report released Monday. Such groups will make up 51% of the nation's urban population by 2020
Chinese consumers, the most confident in the world, are to take 9% of the global market this year ranking third and account for 14% overtaking Japan as the second largest by 2015. China's gap with the United States will be narrowed to 22% vs 35% by 2020, according to the report. China's middle and upper classes will amount to over 400 million 10 years from now, of which 2/3 will be living outside large cities.
The report defines a household with ¥60,000 to ¥100,000 ($1 = ¥6.7) in annual income as middle class. Middle and upper classes currently represent 24% of its population.
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