China Will Remain Asia'S Largest Consumer Market In The Next Few Years.

China is stepping into the consumer gold period. Its current consumption expenditure GDP accounts for roughly the same proportion of consumption GDP as other South East Asian economies at a similar stage of development. China will remain Asia's largest consumer market in the coming years.

Standard Chartered reports that China has been in the past few decades.

With the rapid growth of the economy, the average annual growth rate has increased by more than 10% from 2005 to 2014. In 2014, the consumption volume of China exceeded the total GDP of Japan. At present, China is the second largest consumer market after the US.

According to the report, the huge expansion of higher education in the past 20 years will enable China to have the largest middle class in the world in the next 5 to 10 years, which will stimulate the demand for high-end goods and services.

At the same time, the rapid growth of the aging population will create broad medical and related services.

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In addition, China will accelerate the reform of the household registration system based on urbanization during the 13th Five-Year planning period from 2016 to 2020, which is expected to release huge consumption potential.

Bloomberg's report points to a sharp change in global demand patterns.

The status has changed from irrelevance to bellwether.

In 2015, China, Japan and India were the most promising consumer markets. The rapid growth of consumer market in China and India was due to the huge size of the local young population and the economy, while Japan ranked ahead of its advantages in terms of per capita GDP, Internet penetration and business environment.

"Even if China's economy slows down, China will remain the most attractive Asian consumer market in the next few years," the report said. "The scale of China's GDP has exceeded 10 trillion US dollars, and the larger the scale of the economy, the greater the chance of consumption.

Another factor that stimulates consumption in China is that its household debt ratio is at a low level. The high household debt will restrain consumption power. Debt is too low, which means that the ability to obtain credit is limited.

"Chinese management believes that the growth of services and consumption will offset the negative impact of heavy industry contraction," said Yang Yuting, an Australian New Zealand research expert.

Looking ahead to the future development of China's economy, Yang Yuting said that during the period of China's economic restructuring, heavy industries and other fields will shrink and consumption will rise. Therefore, it is out of date to discuss whether China's economy is bottoming out. In fact, China is ready to face the growth path of L shape. The average economic growth target of 6.5% from 2016 to 2020 is more like a "soft target".