This paper does a good job putting in perspective the rapid growth of the Chinese middle class in recent decades.
In 2006, ~90 million people in China were middle class by western standards (in a country of 1.3 billion). Today, it’s almost 800 million.
brookings.edu/wp-content/upl…
In 2006, ~90 million people in China were middle class by western standards (in a country of 1.3 billion). Today, it’s almost 800 million.
brookings.edu/wp-content/upl…
And as the paper notes, by 2027, the Chinese middle class (again, that’s people who are middle class by western standards) is expected to rise to 1.2 billion.
And to visualize the magnitude of that shift, Chinese middle-class consumer spending is already 1.5 times that of US middle-class spending ($7.3 trillion in 2020 vs. $4.7 trillion) 
And yet I suspect for much of the American political class - on both sides of the aisle - the story is one that they likely aren’t even aware of because, well, we tend not to follow Asia. Yet it is arguably one of the biggest stories of the last two decades.
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