China will be middle-income by 2030, with spending on cars, luxuries, health to rise

Study shows China will be a middle-class society by 2030. It's now at an early-to-middle stage level, which is similar to the development of Malaysia a decade ago. But the proportion of low-income population in China will drop from 40 percent now to 11 percent, and the "middle class" population will account for 75 percent in 15 years. The upper middle-income population will increase from 7.1 percent in 2015 to 19.7 percent in 2030. And the high-income population will expand from 2.6 percent in 2015 to 14.5 percent in 2030, which is the fastest growing category. The investment of Chinese government was the driving force of the development of China's economy in the past. However, the needs of the increasing middle-class group will be the fundamental factor for future economy. Read the full story at CNBC.