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Shoppers are sparse at Plaza 66, a high-end shopping mall developed by Hang Lung Properties in Shanghai. (Photo by Sanmiao Photo) 

China's middle class tightens its belt

Consumers curb their spending even as Beijing denies a 'consumption downgrade'

HONG KONG/SHANGHAI -- Wang Ren used to stay in bed as late as he could, then make up for lost time by grabbing a taxi to the office. But this year, the 25-year-old financial analyst in Shanghai has turned himself into an early riser. No matter how tired he is, Wang gets up at 7:15 every morning and rushes to the subway, saving himself 21 yuan ($3.05) each way.

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