What is the main idea of this passage?
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Raoul Chadha, co-chief investment officer for Hong Kong-based Miraa Asset Global Investments, has a few charts he is particularly fond of when it comes to telling a story about investing in China. One shows income growth in China. Based on the current rate of expansion, he expects the world's second-biggest economy will achieve high income status—defined as income of almost $12,500 per capital in eight years. The second shows a ratio of household debt to gross domestic product for a number of countries. For thrifty mainland China households, the ratio is 28 per cent. That compares to India at one end of the scale at 15 per cent and the UK at the other with 90 per cent. So, based on their income and potential to borrow, the Chinese have spending power and the potential to increase it. The growing muscle of Chinese consumers is not, of course, a new investment theme when it comes to Asia. But at a time when wage growth is muted in other large economies, such as the US and the Eurozone, the situation in China is surprisingly overlooked rather than celebrated. Disposable income per household in China rose 7.3 per cent in real terms in the first half of this year. That surpasses the 6.9 per cent pace at which the economy expanded in the period. Moreover, the number of jobs created in urban areas came in at 8.55m in the first seven months of 2017, according to data from JPMorgan, not too far from the year-end target of 11m. In sharp contrast, India is generating roughly 1m jobs a year at a time when it needs to fashion 10 times more to absorb the youth streaming in from the countryside in search of a better living. It’s not just the level of income that is improving in China. Its distribution is too. The government is spending more on a social safety net, and provides more by way of pensions and medicines, including medical care and educating. “In a way it reflects the fact that the working age population is declining. But for the past 10 years income is going up for the majority of people steadily and gradually.” It's an especially notable achievement given that some of the other forces at work in the Chinese economy are far from helpful. The expansion of the sharing economy and ever growing role of technology across most sectors is ultimately deflationary. Automation is increasingly displacing manufacturing jobs. At the same time, sophisticated computers are now eliminating low end service jobs. As investors survey the effects of income growth, it is the new economy, with its emphasis on services and consumption, and private companies in it, that are the beneficiaries as they cater to the appetites of a growing middle class. Mr. Chadha, for example, is a fan of companies such as C trip, an online travel app, health care, insurers such as Ping An, and internet and commerce firms. C trip for example has 75 per cent market share in online travel.
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The world economy relies on China’s economy
Chinese consumers have great potential
Other countries should learn from China by developing a sharing economy
Chinese government is improving people’s lives
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