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China to become world's largest retail market in 2019 [Copy link] 中文

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Post time 2019-2-7 10:59:11 |Display all floors
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China may overtake the U.S. as the world's biggest retail market this year, according to a report published Wednesday by research firm eMarketer.

The report predicted that China's total retail sales will grow 7.5 percent to reach 5.636 trillion U.S. dollars in 2019, while that of the U.S. will grow 3.3 percent to 5.529 trillion U.S. dollars.

The sale boom, according to the report, is a result of China's rising incomes and thriving e-commerce.

"In recent years, consumers in China have experienced rising incomes, catapulting millions into the new middle class," said Monica Peart, senior forecasting director at eMarketer. "The result has been a marked rise in purchasing power and average spending per person."

E-commerce is a major driver of China's retail economy, accounting for almost one-fifth of the country's total retail sales in 2018, according to the National Bureau of Statistics.

On China's annual shopping holiday, Singles' Day, e-commerce giant Alibaba scooped over 10 billion yuan (1.47 billion U.S. dollars) in just two minutes. Its 24-hour sales amounted to a record of 31.46 billion U.S. dollars, exceeding that of Cyber Monday and Black Friday combined.

By the end of this year, China will have 55.8 percent of all online retail sales globally, with that figure expected to exceed 63 percent by 2022, according to the report. It also predicted that the U.S. share of the global e-commerce market is expected to drop to 15 percent by 2022. (From Xinhua)

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Post time 2019-2-7 19:53:44 |Display all floors
Meaning Xi can put Trump into the back of the dump truck without losing too much sleep over.
Hopefully, China can turn the table on Trump and play the "sanction the USA" card over the little Taiwan issue on the backburner.

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Post time 2019-2-7 20:22:13 |Display all floors
Kbay Post time: 2019-2-7 19:53
Meaning Xi can put Trump into the back of the dump truck without losing too much sleep over.
Hopeful ...

In all likelihood,  D. Trump's art of deals just plays into China's hand.
Believe it or not, it's true.

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Post time 2019-2-8 18:38:57 |Display all floors
First, the population of China itself is a few times that of US!
With sufficient output and continuous demand rise, it will be the trend.
Then comes population aging!

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Post time 2019-2-8 19:16:23 |Display all floors
Xi should budget the economy to encourage and reward young couples to have three or more children.
Give every child an annual RMB 5,000 cash maintenance till they reach 18. All expecting mother be allowed a month of maternity pay leave.

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