According to the National Bureau of Statistics, in 2019, the low- and lower-middle income groups in China, of which the households accounted for 40 percent of the total and amounted to a population of 610 million people, earned a monthly per capita income of nearly RMB1,000.
These risks are not meant to be exhaustive but rather are used to illustrate the potential consequences of the vulnerabilities we have identified. Other possible triggers might include a large-scale credit event in the global resource sector or a sovereign credit event, for example.