Chinese Still Cheerfully Optimistic About Economy
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.
China is grinding towards its slowest growth in a decade, corporate profits are in free fall and the stock market is in the dumps. But take a random sample of its people, from white-collar workers to migrant laborers, and a large number will express satisfaction with the current state of the economy.
One reason for this sanguine attitude is that average incomes have more than tripled over the past decade, putting a far better quality of life within the grasp of most Chinese. The job market also remains tight, reducing unemployment to a distant concern.
But there is also another possibility – that China's stunning growth of the past 30 years may have led to a false sense of confidence and a failure to appreciate how much tougher the future might be.