China has 2nd largest consumer market in the world

[Beidou2020]

Country HFCE (millions of US$)

World 43,021,279

United States 11,484,340

China 3,320,652

Japan 2,999,598

Germany 2,086,559

United Kingdom 1,736,557

France 1,553,253

Brazil 1,401,620

Italy 1,300,337
India 1,106,702
Russia 1,089,144


List of largest consumer markets - Wikipedia, the free encyclopedia

 

[TaiShang]

This must have to do with per capita GDP. Reaching the developed nations' levels in terms of per capita GDP would be insane and probably unsustainable. China currently targets a moderately developed society by 2020.

 

[Beidou2020]

This must have to do with per capita GDP. Reaching the developed nations' levels in terms of per capita GDP would be insane and probably unsustainable. China currently targets a moderately developed society by 2020.

This is the overall value of consumption in a country.

In specific sectors such as automobile consumption and smartphone consumption, China is the largest market.

Most of the consumption value in the US is made up of services such as healthcare, education, etc.
China's services sector is very underdeveloped.

If you measure consumption by goods consumed, China is not far behind the US.

 

[TaiShang]

Looks like China still has some room for services which is, I guess, a stronger wealth generator.

 

[grand]

service sector is overated in my opinion. production of real goods are what's most important.

 

[TaiShang]

service sector is overated in my opinion. production of real goods are what's most important.

I agree. Manufacturing tangible stuff is what matters at the end of the day. Starting off services as a basis of national economy is a mistake. On industry front, China is just starting to take off.

 

[jhungary]

lol, that was probably the utmost incompetent statement I have heard in years.

Service sector is not important?? and overrated??

You may want to rethink that when Chinese export cost nearly identical in price with other countries.

Wait, it had happened already.

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Secondary, or Manufacturer based economy can only be sustained in 2 factors.

1.) With low currency value
2.) With low cost manufacture base.

With China growth, it cannot sustain it low currency value, otherwise the commodity inside China will be overpriced, meaning people in China cannot afford just about anything, and the domestic economy will collapse.

Also, with growth in GDP, you cannot expect the country would have the same low cost manufacture base it enjoy 20 years ago, wages is going to be higher than 20 years ago, rent will be higher than 20 years ago and resource is going to be more expensive than 20 years ago.

And one funny thing is, on one hand, Chinese member here keep posting thread about Chinese Yuan should be included in the basket currency, on the other hand, the same poster post this and say service sector is not important. if Service sector is not important, then why the hack Yuan being one of the basket currency important??

@LeveragedBuyout

 

[DaiViet]

That is normal for the country with 1.3 billion people. The impressive is Japan and Korea for such tiny population of 100 million and 50 million and they on top ranks. What Chinese nationalists in here should keep in mind Chinese has 1.3 BILLION population thus generate large capital. However when you break down to per person things just very normal.

 

[TaiShang]

That is normal for the country with 1.3 billion people. The impressive is Japan and Korea for such tiny population of 100 million and 50 million and they on top ranks. What Chinese nationalists in here should keep in mind Chinese has 1.3 BILLION population thus generate large capital. However when you break down to per person things just very normal.

That has already been pointed out, my fellow Vietnamese nationalist.

You are smart in bringing up Japan and Korea instead of Vietnam.

Services are growing just as fine, but, manufacturing is still important. This does not mean, unlike what the above member seems to suggest that we argue for, that services are less important. And the example he provides is boring after several repetition.

Services are as important, but, starting off on services is a mistake.

 

[DaiViet]

That has already been pointed out, my fellow Vietnamese nationalist.

You are smart in bringing up Japan and Korea instead of Vietnam.

Services are growing just as fine, but, manufacturing is still important. This does not mean, unlike what the above member seems to suggest that we argue, that services are less important. And the example he provides is boring after several repeat.

Services are as important, but, starting off on services is a mistake.

Why would I bring out Vietnam for? Vietnam is developing country and it is normal, nothing impressive to boast about. Oh Ok Vietnam GDP growth rate is now 6.2 normal for a develop country. We dont aim to be super power that's why or to compare with Japan or Korean because we know we are far behind, even behind Thailand for at least 50 years.

 

[TaiShang]

Why would I bring out Vietnam for? Vietnam is developing country and it is normal, nothing impressive to boast about. Oh Ok Vietnam GDP growth rate is now 6.2 normal for a develop country. We dont aim to be super power that's why or to compare with Japan or Korean because we know we are far behind, even behind Thailand for at least 50 years.

My fellow nationalist friend, China is a developing country, as well.

China's growth rate is around 7%, not bad for a country of 10 trillion USD GDP.

China does not aim to be a superpower, either. It just wants to be a fully developed country. If superpower status comes as a result, that's fine.

We like to see things in comparative setting. Nothing to boast about because there are lots of things to do, probably more things to do than Vietnam.

 

[empirefighter]

Why would I bring out Vietnam for? Vietnam is developing country and it is normal, nothing impressive to boast about. Oh Ok Vietnam GDP growth rate is now 6.2 normal for a develop country. We dont aim to be super power that's why or to compare with Japan or Korean because we know we are far behind, even behind Thailand for at least 50 years.

Funny and envy Vietnamese. Which eye from you think it is a boast？ Because you are sour grape that you feel it is a boast. As a Chinese,my first impression is：en,we are still far behind USA and Japan.

 

[AndrewJin]

Funny and envy Vietnamese. Which eye from you think it is a boast？ Because you are sour grape that you feel it is a boast. As a Chinese,my first impression is：en,we are still far behind USA and Japan.

Me too, 1.3 billion people, less than US, a shame.

 

[Edison Chen]

service sector is overated in my opinion. production of real goods are what's most important.

And nobody wants to consume those real goods, how to deal with it? As I know many chinese prefet deposit.

 

[surya kiran]

I don't see why this is such a surprise. With increase in the buying power of the ordinary Chinese consumers its just a matter of time, before its number one. The advantage that Chinese consumers will have is that they have their own manufacturing bases. Services will kick off. As the opportunities increase and consumption increases, services will follow. And services need not grow just because of exports, it can grow by providing services to Chinese themselves. Just a matter of time.