China’s Urbanization and the World Economy
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China’s Urbanization and the World Economy

Fan Zhang

This innovative book places China’s urbanization within a broader global context, including a detailed estimate of China’s total domestic market and its impact on the world economy.
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Chapter 12: Consumer market

Fan Zhang


In the not so distant future, the market will be more concerned about what plays in Beijing than what plays in Peoria. Business executives at the biggest multinationals will be more interested in what Chinese consumers are buying than what their counterparts in an aging and - currently declining - America are buying. (Kenneth Rapoza 2011) The increase in China's consumer market is a possible result of the second stage of China's urbanization. This is closely correlated with the rise in the share of the grassroots society in national income, and depends on the reform of income distribution system. China has had a social structure of strong government and a weak society since the time of the Qin dynasty. The economic reform since 1978 did not change this pattern much. As a result of rapid economic development, great wealth came into the pocket of the government and large businesses. The leadership has realized this and plans to reform the income distribution system. The development of China's consumer market will be heavily dependent on this reform. If China successfully develops its consumer market, the impact will be worldwide. The large scale of China's domestic market will change the demand structure of the world products and services market and reallocate the world's resources, including natural resources, capital, labor and technology.

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