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gross national product

The rapid growth of the Chinese economy has gained the world's attention in recent years. From 2003 to 2007, China's GDP (gross domestic product) experienced double digit gains for five consecutive years. When the financial crisis began to sweep across the globe in 2008, China's GDP still managed to go against global trends and grow by 9%. China's GDP exceeded RMB 30 trillion in 2008, surpassing Germany to become the world's third largest economy after the USA and Japan.

Rapidly Growing Consumer Demand & Consumption

With the growth of its economy, the spending power of the Chinese people has surged. This is highlighted in Chinese consumers' preference for international brands, luxury goods and purchasing power when travelling overseas. China is a market that international businesses and brands cannot afford to miss.

• In 2004, the amount spent on purchases when travelling abroad per-capita by Chinese people was US$ 987, ranking in the top of the world. (According to AC Nielson statistics)
• In 2007, the per-capita consumption of Chinese people in France exceeded US$ 3000, more than treble that of average European tourists. (French Tourism Bureau)
• The average consumption of Chinese tourists in BicCamera, a Japanese electric appliance store, was five times of that of Japanese people; in the flagship Shiseido Shop in Ginza, Japan, spending by Chinese tourists account for 20 percent of its monthly sales volume, and sometimes even as high as 40 percent. (Report of Jan. 2009 by Nikkei BP)
• In January 2009, China's luxury goods consumption amounted to 25 percent of the global total, surpassing the USA and ranking second in the world. (World Luxury Association)