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The emerging Chinese middle class

juni 08, 2013by 0

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A 500 metre tower is growing out of the park where Lucy Wu, 28, used to catch the ferry across Shanghai’s Huangpu River to play on the green grass with her father. When she moved with her family to New Zealand 20 years ago the Pudong area was underdeveloped agriculture land. It is now the heart of Shanghai’s financial district and the city’s most exclusive neighbourhood. China was once the world’s most powerful economy. As late as 1820 China produced a third of the world’s GDP. But when it failed to harness the industrial revolution, the West rose and China sank. By 1979 China’s share of global economy was around 5 per cent and income per capita was just $260. So Wu’s family moved to…

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