According to Chinese National Bureau of Statistics (NBS), people with monthly income above 10,000 yuan – or an annual income over 120,000 yuan – are classed as having a high income. Photo: Reuters

China’s wealthy citizens will not be cutting back on spending despite trade war and economic slowdown

  • More than 80 per cent of consumers in a survey by HSBC with an annual income of at least US$22,341 plan to spend at least the same amount as last year
  • Results paint a slightly different picture from headline economic indicators which point to a weakening retail sales growth
Topic |   China economy

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According to Chinese National Bureau of Statistics (NBS), people with monthly income above 10,000 yuan – or an annual income over 120,000 yuan – are classed as having a high income. Photo: Reuters
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Cherries are an affordable luxury for China’s middle class amid an economic downturn. Photo: Handout

China’s cherry phenomenon bucking trend of the overall economic slowdown

  • Consumers holding back from spending on big-ticket items like cars, appliances and mobile phones, but will buy pricey food items
  • Analysts say strong sales of less expensive items will not offset ‘consumption downgrade’ by middle-class consumers
Topic |   China economy

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Cherries are an affordable luxury for China’s middle class amid an economic downturn. Photo: Handout
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