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Middle class willing to spread investments beyond property
Published on: 2013-03-29
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altThe Chinese middle class — the main driving force behind national consumption — is growing rapidly and investing in many areas of the economy, not just property.
 
So says a report from Forbes China, which now identifies the country's middle class as those with "investable" financial assets worth between $100,000 and $1 million.
 
Its Chinese Mass Affluent Group Report 2013, released on Thursday, said their financial assets are spread across cash, deposits, securities, funds, bonds, insurance and other financial wealth management products, as well as individually held property.
 
Over the past four years, the total financial assets of the Chinese middle class remained at 1.33 million yuan ($213,900) per capita, said Shi Guowei, research director of Forbes China, who co-wrote the report.
 
The numbers reached 10.26 million by the end of 2012 and are expected to rise to 12.02 million by the end of this year.
 
Zhou Jiangong, the editor in chief of Forbes China, added: "The Chinese middle class has been overlooked in the past few years, but they are playing a significant role in the economic and social development of the country.
 
"As urbanization proceeds, the Chinese mass affluent, or the middle class, will of course expand."
 
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