n IMFO : Official Journal of the Institute of Municipal Finance Officers - What China's 12th five-year plan means for country's city economies




There are three features that will characterise the world's fastest-growing class of consumers: they will be Chinese; they will be increasingly sophisticated; and they are, more than ever, likely to live in one of the country's second, third and fourth-tier cities. According to a recent report by professional services firm KPMG, China already has a middle class of between 250 to 300 million people. Those considered affluent (that is, with annual household disposable incomes of $20 000 and up) will increase from 120 million to 280 million by 2020, accounting for a third of all consumption. That's the same as adding an extra Japan.


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