China Could Become Largest Consumer Market by 2041, Exceeding 20% of Global Consumption
Updated
Updated · South China Morning Post · Jul 7
China Could Become Largest Consumer Market by 2041, Exceeding 20% of Global Consumption
1 articles · Updated · South China Morning Post · Jul 7
Summary
China could become the world’s largest consumer market within 10 to 15 years, with its share of global consumption rising past 20%, policy adviser Chi Fulin said.
Chi said that share could climb by about 1 percentage point every one to two years as China’s consumption levels gradually converge with those of developed economies.
Services spending is a key driver in that outlook, he said, arguing it would strengthen Hong Kong’s role because the city retains a competitive advantage in service industries.
If China’s consumption share eventually matches its roughly one-third share of global manufacturing, Chi said, it would be the world’s biggest consumer market as well as its largest importer.