Select the best option. Provide a brief but clear explanation for your answer

Which of the following would NOT be generally considered as one of the main reasons for the rapid expansion of middle class in Asia?

A. Broad-based economic growth due to fast development in 2nd/3rd industry (secondary and tertiary sector).

B. A steady increase in labor force participation and improvement in labor market conditions.

C. The majority of central banks in Asia abandoned fixed exchange rate regimes, and adopted floating or managed exchange rate regimes.

D. Infrastructure development caused by rapid urbanization.