Growing China’s Middle Class

By Caitlin Milmeyster Sr. Consultant Enterprise Risk Services,

Deloitte & Touche And

Kevin J. Palmer CEO SMA Institute

Growing China’s Middle Class From The Inside Out

Economic pundits are coming to grips with a new global realty check. The realization that industrialized double digit export growth in China is unsustainable. However, that has not deterred Chinese policymakers from eyeing new sustainable growth strategies to propel China into the preeminent world economic power.

One secret weapon could be China’s middle class, now the biggest in the world. Growing much faster than America’s, China’s has the potential to increase an estimated 73% by 2020. Adapting that swelling middle class to a service, consumer, and private consumption economy will drive long-term social stability, generate higher employment growth and expand the middle class into the economically challenged rural northwest and western regions.

Shifts in China’s urban middle class have occurred at a brisk pace for the last decade. Quick advancement into higher economic brackets is a common occurrence. Spending habits of these consumers are not only influenced by income but by brand awareness. The young, well-educated and price sensitive, seek the latest fashion to stand out from their peers. The older more experienced middle class demand better quality in goods and service.

Yes, purchasing behavior and demographic features vary among the different sub-segments within China’s middle class. However, most are interested in the latest products as well as the world outside of China. The other characteristic of these ambitious consumers is — they are looking to classic American lifestyles for inspiration to build their own financial dreams.

What better blueprint is there then the code of America’s “Quiet Rich” for growing China’s wealth? After years of research into cognitive influences that unlock how ordinary people attain wealth. Author Kevin J. Palmer pulls back the curtain to reveal how anyone can grow “quietly rich” by understanding the lives of these humble yet dynamic American millionaires who rose from meager beginnings.

China’s emerging middle classes can benefit greatly by uncovering their personality potential and its powerful spiritual connection to grow China on their own terms, from the inside out.