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About 20 millions of people in China own cars now

 
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ltp-008



Joined: 09 Apr 2006
Posts: 258

PostPosted: Wed Feb 28, 2007 6:48 pm    Post subject: About 20 millions of people in China own cars now Reply with quote

About 20 millions of people in China own cars now

According to a survey by Anto Association of China , Chinese citizens owned about 20 millions of cars at the end of 2006.

What does this data mean?

This data means that at least 60 millions of ordinary people in China have become middle class .

The definition of middle class in China is that people can buy houses and cars. Take big cities for example the price of a house or an apartment with 85 square meter is about 600,000 Yuan (US 70,000 dollars) and the price of a car in China is about 100,000 Yuan(US 12,000 dollars),people whose income per year reach to 70,000 Yuan (US 8,500 dollars)can afford to buy a house and a car.

If we add huge amount of most of communist officials who account for about 10 percent of population into this middle class group, now middle class in China can reach to 190 millions of people which means that about 20 percent of population in China have become middle calss since the beginning of economic reforms in 1979.Although these huge amount of communist officials are mostly corrupted, this is a great achievement in Chinese history.


Last edited by ltp-008 on Thu Mar 01, 2007 8:07 pm; edited 1 time in total
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Yinglish



Joined: 30 Jan 2007
Posts: 99

PostPosted: Thu Mar 01, 2007 4:35 pm    Post subject: Re: About 20 millions of people in China own cars now Reply with quote

Just some minor corrections (numbers):

Quote:
price of a house or an apartment with 85 square meter is about 600,000 Yuan (US 70,000 dollars)


Exchange rate: 1 USD = 7.7 Yuan
600,000 Yuan = 77,491 USD

Average house price in U.S. = $221,000 (2004)

Quote:
price of a car in China is about 100,000 Yuan(US 80,000 dollars)


100,000 Yuan = 12,915 USD

Average car price in U.S. = $29,400 (2006)

Quote:
people whose income per year reach to 70,000 Yuan (US 60,000 dollars)can afford to buy a house and a car.


70,000 Yuan = 9,041 USD

Average U.S. household income = $46,326 (2005)
Average U.S. individual income = $27,640 (2005)

Quote:
190 millions of people which means that about 20 percent of population in China have become middle calss


China population = 1,313,973,713 (July 2006 est.)
20% of 1,313,973,713 = 263 Million
190,000,000 / 1,313,973,713 = 14.4%

Interpretation of the data provided is not provided.
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ltp-008



Joined: 09 Apr 2006
Posts: 258

PostPosted: Thu Mar 01, 2007 8:13 pm    Post subject: Re: About 20 millions of people in China own cars now Reply with quote

Yinglish wrote:
Just some minor corrections (numbers):

Quote:
price of a house or an apartment with 85 square meter is about 600,000 Yuan (US 70,000 dollars)


Exchange rate: 1 USD = 7.7 Yuan
600,000 Yuan = 77,491 USD

Average house price in U.S. = $221,000 (2004)

Quote:
price of a car in China is about 100,000 Yuan(US 80,000 dollars)


100,000 Yuan = 12,915 USD

Average car price in U.S. = $29,400 (2006)

Quote:
people whose income per year reach to 70,000 Yuan (US 60,000 dollars)can afford to buy a house and a car.


70,000 Yuan = 9,041 USD

Average U.S. household income = $46,326 (2005)
Average U.S. individual income = $27,640 (2005)

Quote:
190 millions of people which means that about 20 percent of population in China have become middle calss


China population = 1,313,973,713 (July 2006 est.)
20% of 1,313,973,713 = 263 Million
190,000,000 / 1,313,973,713 = 14.4%

Interpretation of the data provided is not provided.


Thanks for corrections,it is really helpful.

I tried to find the data which how many people in China have become middle class, but there is not an official data provided,there is many different estimates,the margin is very huge,so I just did my own estimate~ sorry for the errors
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