As China’s economy falters, so does the confidence of its middle class [MSNBC.com]
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Source: MSNBC.com
BEIJING — At a restaurant in the Chinese capital that serves up low-cost meals to seniors, much of the crowd these days is decidedly less than senior.For Wang Ran, a 27-year-old designer, lunch at the restaurant in Beijing costs about half what she would normally pay — which makes a big difference as she downgrades her spending amid an economic slump in China that could have global ramifications.Previously, Wang said, “I pretty much bought things whenever I saw something I liked. But this year, I might have to consider the financial aspect a bit more.”Decades of breakneck growth transformed China into the world’s second-largest economy and lifted hundreds of millions of people out of poverty,swelling the middle classFor decades, this modern economic miracle buoyed the ruling Chinese Communist Party, which promised the Chinese public security and prosperity in exchange for severe constraints on political freedom. But a new period of relatively slower growth has created uncertainty for
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