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Inside China
SCMP Spotlight: middle class in China and US fear losing their status
Sep 22, 2023
This podcast discusses the challenges faced by the middle class in China and the US, including stagnant wages, an aging population, and declining university enrollments. It explores the financial worries, job insecurity, and declining assets that middle-class individuals experience. The podcast also highlights the difficulties of achieving the American dream, the impact of COVID-19, and changing hiring criteria. Overall, it sheds light on the status and concerns of the middle class in both countries.
15:50
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Quick takeaways
- China's middle class faces challenges that hinder its growth, including an aging population and weak economic recovery.
- The American middle class is also struggling with stagnant wages, declining university enrollments, and COVID-19 exacerbating financial hardships.
Deep dives
Challenges faced by China's middle class
China's middle class is facing challenges that may hinder its growth and prevent the country from breaking out of the middle-income trap. Policies aimed at private enterprises, an aging population, and a weak economic recovery are all contributing factors. The decline of the middle class poses difficulties for China's goal of becoming a developed country, as its GDP per capita still falls below that of wealthy nations like the US and Singapore.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode