China’s middle class, particularly better-educated white collar workers, are growing increasingly confused and anxious over how the trade war with the United States will affect the lives of ordinary citizens, in contrast to official press and social media which have been dominated by messages urging the country to stand strong in face of the adversity.
Concerns about the impact of the trade war, combined with rising food prices, are already affecting consumers’ willingness to spend, which could cause a further deceleration in Chinese economic growth. These concerns may also increase efforts by the upper and upper middle classes to safeguard their wealth by buying gold or foreign currency and moving their wealth abroad.
Concerns about the impact of the trade war, combined with rising food prices, are already affecting consumers’ willingness to spend, which could cause a further deceleration in Chinese economic growth. These concerns may also increase efforts by the upper and upper middle classes to safeguard their wealth by buying gold or foreign currency and moving their wealth abroad.
