China's middle class has rapidly expanded over recent decades amid an enormous economic boom which showered the country's citizens with unprecedented wealth. Amid this rapid rise in living standards, President Xi Jinping laid out his vision for the "Chinese dream," a propaganda term promising prosperity and an easy, affluent life.
But a slowing and uneven economy, threatened by US pressure, has caused growing worries for many across the country.In one year, rents in Beijing have risen at least 40% in some areas, with residents telling state media they paid more than half their salary in rent.One of the best measures of cost of living in China, the Consumer Price Index (CPI) has risen every month since May. The recent China-US trade war has only stoked more uncertainty for the country's vulnerable middle class. In September, JPMorgan economists estimated that the trade war could cost China at least 700,000 jobs.
But a slowing and uneven economy, threatened by US pressure, has caused growing worries for many across the country.In one year, rents in Beijing have risen at least 40% in some areas, with residents telling state media they paid more than half their salary in rent.One of the best measures of cost of living in China, the Consumer Price Index (CPI) has risen every month since May. The recent China-US trade war has only stoked more uncertainty for the country's vulnerable middle class. In September, JPMorgan economists estimated that the trade war could cost China at least 700,000 jobs.
