On July 17, 2015, China Business Journal published an article titled, “The Stock Market Crash Has ‘Destroyed’ 600,000 Members of the Middle Class.” Since June of 2015, a total value of ten trillion Chinese yuan has evaporated as a result of the stock market crash in China. Forbes once predicted that the Chinese middle class would number over 14 million people. If 500,000 to 600,000 members of the Chinese middle class have disappeared as a result of the stock crash, 3 percent of the Chinese middle class has disappeared.
Source: China Business Journal, July 17, 2015
http://news.cb.com.cn/html/economy_9_26382_1.html