China’s importance to the global economy has grown dramatically over the last decade but on a per capita basis remains a relatively poor country. Although it is now the world’s second largest economy, China is yet to experience the rapid acceleration in consumption that has typically been enjoyed by developing nations at similar stages of development.
As such, the next 10 years is likely to see domestic consumption become the primary driver of economic growth, taking over from exports and infrastructure investment.
China’s vehicle sales have surged since 1999 as economic growth averaging more than 9% a year has led China to overtake the US as the world’s largest auto market.
A quick look at the statistics below gives a quick insight into the scale and impact of changing consumption patterns in China and their effect not only on the domestic market but on the global economy as a whole.