MANAGEMENT

Detailed explanation-1: -The new middle-class population in China has the following characteristics: Age: individuals between 25 and 40 years old. City: living in third-tier cities and above. Consumption willingness: medium & high willingness to spend online.

Detailed explanation-2: -China is now an upper-middle-income country. It will be important going forward that poverty alleviation efforts increasingly shift to addressing the vulnerabilities faced by the large number of people still considered poor by the standards of middle-income countries, including those living in urban areas.

Detailed explanation-3: -Breakdown of annual middle class household income in China 2021-2022. As of January 2022, the largest share of Chinese middle-class families had an annual income of between 100 thousand and 300 thousand yuan per year. According to the same survey, almost 90 percent of respondents have at least one child.