Local middle class tops 1 million
22/4/2004 17:36
The number of middle-class people in Shanghai has exceeded 1 million,
rising to be the main force of local consumption, according to a seminar
yesterday organized by Fudan University.
According to "2004 Analysis and
Forecast of Chinese Society", a Chinese Academy of Social Sciences research
paper that was published at the meeting, middle-class people earn more than
100,000 yuan (US$12,092) each year, are able to afford private cars, homes,
education, investment and travel. Most of them are senior managers,
entrepreneurs, professionals and those with overseas study and work
experiences.
Experts at the seminar like Lu Deming, director of Fudan's
Economic School, believe that, with the number of the middle class growing
slowly, Shanghai's society will develop into an oval structure.
And this
class is rising to become a key consumer force in the city, a research report by
Hong Kong Trade Development Bureau stated.
Professor Zhu Guohong, with
Fudan's Economic School, echoed this view, adding that the consumption behavior
of middle-class people will set an example for other classes and influence
consumption in the whole society.
However, the local market is far from ready
for the rising middle class because it lacks customized services and products
for these people, experts pointed out.
For example, at present, people of
various social levels have to rush to the same karaoke parlors and cinemas for
relaxation, they added.
Jane Chen / Shanghai Daily news
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