Infographic: The Middle Kingdom's Growing Appetite
With slower economic growth of 7.7% in 2013, the story of China’s contribution to global demand for commodities is still far from over. In March 2014, China unveiled its long-awaited plan to have approximately 60% of its more than 1.3 billion people living in urban areas by 2020 in a bid to boost economic growth and efficiency. These new urbanites will demand greater quantities of disposable goods, electronics and white goods to furnish their new dwellings – ushering in a new wave of consumption.
China will undeniably experience some growing pains as it begins to rebalance, yet the country will continue to grow – and from a larger base than when GDP was expanding at a double-digit pace. Multinationals who have not yet entered (or succeeded in) the Chinese market should note the scale of the opportunity in the Middle Kingdom and readjust their long-term strategy accordingly.