As China’s economy falters, so does middle class confidence

News Snapshot:

BEIJING — At a restaurant in the Chinese capital that serves up low-cost meals to seniors, much of the crowd these days is decidedly less than senior. For Wang Ran, a 27-year-old designer, lunch at the restaurant in Beijing costs about half what she would normally pay — which makes a big difference as she downgrades her spending amid an economic slump in China that could have global ramifications. Previously, Wang said, “I pretty much bought things whenever I saw something I liked. But this year, I might have to consider the financial aspect a bit more.” Decades of breakneck...