(Dan Tri) – Amid the ongoing trade war with the US, it is predicted that China’s elite may seek to secure their wealth by converting it to gold and foreign currency, or transferring assets.

Rising food prices have many Chinese worried about more serious consequences for the economy and their lives (Photo: Reuters)

The Chinese middle class is increasingly worried and confused about the negative prospects they may encounter as the trade war with the US has not yet `de-escalated`.

According to SCMP, the tense atmosphere that seems to be prevailing in China combined with rising food prices is directly affecting people’s willingness to spend.

It is predicted that China’s elite may seek to secure their wealth by converting it to gold and foreign currencies, or transferring assets abroad.

Middle-class people living in urban areas have been the main beneficiaries of China’s economic development over the past few decades.

Su Gengsheng, a famous person on social networks with 300,000 followers, publicly expressed concern on Weibo about the lives of Chinese people 4 days after the US increased tariffs on $200 billion of imported goods from China.

So it was really unusual for her to mention politics and the trade war, a topic she has rarely mentioned up until now.

According to SCMP, Chinese people have begun to feel the effects of the trade war through stock prices, housing prices, and real estate prices tending to continue to decrease.

Chinese state media is still urging people to prepare for the difficulties that are expected to last longer.

“In just 2 weeks, my friends’ views have changed.

Food prices increased 6.1% in April because of rising pig and fruit prices.

“The Yuan decreased its exchange rate against the USD, 500 grams of grapes increased to 4.3 USD and Deputy Premier of the State Council Ho Chunhua will lead the organization to monitor the job market.

Debt is also something that worries Chinese people when the economy begins to show signs of slowing growth.

Eli Mai, a business manager in Guangzhou, has to spend almost all of his salary on monthly housing debt.

“The business has not been profitable yet.

Lord Emperor

According to SCMP