Now, China has decided it can also mine this growing middle class, supplying it with products produced in China rather than relying on imports. This is possible with the official elimination of absolute poverty in China. It was made possible by a significant increase in the average wage.
While much of the world remains locked in a struggle with Covid-19, China has emerged into a post-Covid world. The post-Covid world is not the same as the one before the pandemic. As other countries emerge from their pandemic battle, they will find the need to engage in a different environment defined largely by China’s revised place in the world — and one informed by President-elect Joe Biden’s return to multilateralism.
The most profound change is the dual circulation economy policy outlined by President Xi Jinping at the Fifth Plenum, which wrapped up in Beijing on Oct 29. The rising China middle class has always been regarded as the bagatelle by Western nations. This is the gold lode that every Western business and country wants to mine.
