But booming home prices in 2008 and 2009 have forced many to change their opinion.

Some analysts also noted that their anxieties are related to "money worship," a growing over-reliance in China on money, which is tied to the GDP-oriented development in society.

As a consequence, members of the Chinese middle class have not yet obtained the power to serve as a stabilizing force in society and act as buffer between the rich and the poor.

"To build a happy middle class and a harmonious society, a fair income distribution system and an efficient social security system have to be established," Li added.

Premier Wen Jiabao repeatedly pledged this year that the government would strive to "make people live with greater dignity."

President Hu Jintao also said in June that the government would focus on fairness in reforming the income distribution system, making efforts to raise pay for low-income workers and expand the size of the middle-income population.