China’s 470 Million Middle Class Wiped Out, No Desire to Spend: 618 Shopping Event a Disaster.

Researchers are deeply concerned about the fate of China’s middle class. A healthy middle class is crucial for a country, and the disappearance of this group can cause significant harm to society. On June 7, senior writer Milton Ezrati wrote in Forbes that China once had an optimistic and confident middle class. It supported the economy’s growth path with sometimes exuberant spending and aggressive investing. Sadly, those millions are now losing ground, with many slipping back toward poverty.
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