By Bloomberg Business:
You've heard of Made in China. Get ready for Sold in China.
For decades, China has exported cheap goods to the rest of the world even while domestic consumption waned. Now, the country's shoppers could be set for a reboot.
If the government delivers on its promise to transform the economy by encouragingspending on the high street, China's consumer base has the potential to hit $67 trillion over the next decade, according to The Demand Institute, a think tank jointly run by The Conference Board and Nielsen.
Global interest in Chinese shoppers is already high. Music doyenne Taylor Swift hasteamed up with JD.com Inc., the second-largest e-commerce company in China, to sell a new fashion line designed specifically for Chinese shoppers. At the movies, ticket sales are surging, with first-half box office revenue this year rising to 20 billion yuan ($3.2 billion), compared with just 4 billion yuan in all of 2008.
The hard economic data are also showing a shift, albeit slowly. Consumption in China contributed 60 percent to gross domestic product growth in the first half, even as the country grew at its slowest in 25 years.
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http://www.bloomberg.com/news/articles/2015-07-23/how-china-can-create-the-68-trillion-consumer
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