Society

Most middle class Beijingers are mortgage slaves

By Chen Ziyan (chinadaily.com.cn)
Updated: 2010-07-19 16:31

The number of middle class residents in Beijing has reached approximately 5.4 million, accounting for over 40 percent of the city's residents, most of whom are "mortgage slaves," according to a study, Yanzhao Metropolis Daily reported on Monday.

The study, jointly published by Beijing University of Technology and Social Science Academic Press, classified the middle class into three categories according to their wealth, among which the relatively lower-ranking middle class accounted for about 68.5 percent.

Compared with the higher-ranking middle class, who were much better-educated, with higher incomes and stronger consuming capacity, those in the lower-ranking have lower incomes but more pressures, which led to them becoming "Fangnu" (Slave to house) and "Chenu" (Slave to car).

The average monthly?income of the middle class in Beijing is 5,923.18 yuan, and the income of the higher lever middle class is nine times more than the lower levels, according to the study.