China’s newly emerging middle class.docVIP

China’s newly emerging middle class By Ren Ke (China Features) Eric Wang pops into a Starbucks near his office in Beijing’s central business district. Wearing a neat dark blue suit with a gold-colored tie, he picks up a cup of cappuccino in his roughened hand, and sips. “It’s really a sharp contrast between my present life and that of my parents,” says Wang. A certified public accountant (CPA) in the PriceWaterHouse Coopers., he enjoys a life of great vicissitudes. Born into a rural family in east China’s Zhejiang Province, Wang says his parents are traditional peasants who earn a living by planting rice and fishing in the Lake Tai. Every summer holiday Wang helped his parents on the farm, which left him with a swarthy face and calloused hands. Wang studied hard in school and was finally admitted to the University of International Business and Economics in Beijing. Fascinated by the capital’s skyscrapers, Wang knew he would not return to the two-storey wooden home where he was born. Now 29, he earns more than 200,000 yuan (29,000 U.S. dollars) a year by working on initial public offerings for the companies which look to list on the stock exchange. Considering China reported a per-capita GDP of 2,042 U.S. dollars in 2007, it makes Wang fairly well off. But, he asks not to use his Chinese name, as in China, exposing one’s wealth is not wise. His parents live the same as they have for decades. While they knew their son works in a foreign-funded accounting firm, they are unaware of how the firm makes money. Wang lives with his fiancée in a two-bedroom apartment he bought two years ago in downtown Beijing. His mortgage will be paid off in three years. The next goal is a China-made Ford’s Mondeo, worth 200,000 yuan. “I’m lucky, but others have similar stories,” says Wang. “It’s a trend.” In developed cities, like Beijing, Shanghai, Guangzhou, and other major metropolitan areas, Wang and his ilk are making a group that has only existed in China since the country’s econom