Source from CGTN
China’s enormous market of nearly 1.4 billion people is unrivaled by any country. Consumption has been the main driver of China’s economic growth for five consecutive years, according to the Ministry of Commerce.
During the first half of 2019, the country’s disposable income per capita was about 2,220 U.S. dollars, while the national total retail sales of consumer goods was about 2.8 trillion U.S. dollars. Consumption growth contributes to 60.1 percent of China’s economic growth.
Meanwhile, China’s economic development is changing from an overreliance on investments and exports to leaning more towards domestic demand, particularly changes induced by consumption.
Obviously, to solve China’s domestic consumption issues is to solve the fundamental momentum of China’s economic development. Considering the rapid growth of the Chinese economy together with the per capita disposable income, it is imperative that there’s a consumption upgrade.
During the Spring Festival in 2019, “cherry freedom” became a buzzword. Despite costing about 15 U.S. dollars per half a kilogram, imported cherries at high-end supermarkets still fell short of demand.
Chinese people consume one-third of the world’s cherries each year, and ninety percent of Chile’s cherries are exported to China. Distinctive imported fruit now widely available is an example of the consumption upgrade.
“I think the transition of China’s economy from being export-driven, infrastructure and investment driven, to consumption-driven, is probably the biggest story in human history,”
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- ) Pinduoduo — 28 new support
2.) JD — 26 support
3.) Alibaba — 157 support
4.) Estee Lauder — Wait 160
5.) New Oriental Education — Wait for 80–100
6.) Starbucks — Wait 85
7.) Shakeshack — Wait for 80
