MS 摩根斯坦利-中国策略：Baby Boomers - China Style

02.05 １０页.pdf

Those born since the 1980s, when China’s economic reforms got under way, are mostly single children who have not experienced social and economic hardship like that suffered by previous generations in earlier decades. Compared to those born in and before the 1970s, they have also secured better career opportunities since the late 1990s when the economy emerged from the volatile reform period and started its fast and sustainable expansion. And now a few years after graduating from college, China’s baby boomers, who have been riding the economic explosion and enjoying annual wage growth of 26% since 2004, are taking over center stage in China’s consumption space. Implications: US baby boomers were the