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Middle class does not feel rich - poll
Who will become the middle class in 10 years?
China's middle class may be booming, but a majority of respondents to a
recent survey said they do not feel so wealthy.
Only 12.7 percent of a poll conducted by China Youth Daily said they
think they are living a middle-class life.
The poll, entitled "Who will become the middle class in 10 years?" found
that about 83 percent of the 7,313 people interviewed think a typical
middle class Chinese needs to have a good and steady income, a house and a
car.
Nearly 70 percent think the middle class needs higher education and good
manners. About 60 percent think a decent profession is a crucial feature
that defines the middle class.
The survey follows a similar study released earlier this month by HSBC,
Fudan University and MasterCard Worldwide.
That survey, which interviewed 1,736 people in Beijing, Shanghai and
Guangzhou from February to May, researched spending patterns of the
country's increasingly affluent middle class.
It found that the number of middle-class consumers in the country is
expected to increase to100 million in the 10 years from 35 million in 2006.
A Chinese middle class is defined by the survey as someone whose annual
income ranges from $7,500 to $25,000 and who is between 20 to 49 years of
age.
However, the latest survey found that only 2.2 percent of respondents agree
with that definition.
More than 30 percent of those surveyed chose investment and finance as the
best paths to becoming middle class.
Nearly 20 percent think a good collection of social networks and resources
will make people richer and 15 percent believe in diligence at work.
The speed at which people join the middle class varies between professions.
The survey found Chinese think those in the science and technology and IT
industries are the quickest to get rich, followed by those in the banking,
finance and investment industries.
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