|Volkov, V, Pereverzieva, A, Karpenko, O|
|Kitaêznavčì doslìdžennâ 2020, 2:57-71|
|Section: Political, Social and Economic Development of China|
Income inequality contraction, living standards growth amid poverty reduction are the key processes of the world economy development. Middle class` formation and development both in some countries and at the global level is an indicator of these issues` effective solution. Middle class` formation and development as a qualitative and quantitative indicator of poverty assessment in a country have been analyzed in the article. Quantitative assessment characterizes the level of income and number of middle class members in a society, and qualitative assessment involves costs distribution analysis in the field. Middle class in China is the basis of the future economic growth and development. According to the forecasts, the middle class in China will be 25% by 2027 with the poverty rate less than 3%. The middle class has a stable level of income, which guarantees access to goods and services, which determine the volume and structure of consumption. The desire of domestic demand growth in China provokes policies` implementation aimed at middle class members` surge amid poverty reduction. In 2020, China began implementing a “circular economy” strategy to increase domestic consumption by the middle class expansion. Thus, consumption growth stimulates economic development and GDP growth. At the same time, trade moves from the external consumer to the domestic market, which cuts national income dependence on exports dynamics affected by current global challenges. Amid countries` partial lockdowns caused by the epidemic, it is necessary to look for the alternative ways of development and form the future priorities. China has directed much of its economic potential to the middle class growth, which due to the chain reaction, reduces the population living below the poverty line.
|Keywords: consumption, costs, economic growth, income, middle class|
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