An ever-growing middle class has been emblematic of China’s ascent ever since Deng Xiaoping kicked off the country’s economic transformation in the 1980s. That progress now risks being reversed as millions of people in China face rising living costs, fierce professional competition, a real estate bubble and sluggish growth.
Chinese President Xi Jinping opened the 20th Communist Party Congress on Sunday, during which he is expected to become the first leader since Mao Zedong to be handed a third term. Xi has made his “Chinese Dream” of a flourishing middle class central to his vision for the country. However, economic headwinds are buffeting China’s vast bourgeoisie – posing a new challenge for Xi.
