The numbers prove that the huge country is continuing her secular catching-up process, which is
fueled by extreme income & wealth differences to the US and other
Western nation values. In 2015 China had about $8,027 income per capita, the US number was $56,115 (worldbank). Retail growth rates of 10% plus also show that China is making progress with her transformation into a modern service economy. The country is reducing her dependence on exports & manufacturing and is
becoming a modern society which is based on domestic demand for goods & services
like the US. The transformation progress is fostered by the
technological progress (E-Commerce). And people are flooding into the big cites. The
rapid urbanization is creating millions of jobs and is driving income growth
for the whole nation. Swift rising incomes are fueling consume and so the economic
growth of China.
The Chinese consumer boom is raising China´ s importance for the
global economy. Many international consumer-related companies, including Nike, GM, Hilton, Disney, Starbucks, P&G, Unilever, and Wal-Mart, are already benefitting from the Chinese retail sales growth. The chart above (source sumzero) shows that the Chinese retail sales are swiftly catching up to the American retail sales and may overtake them this year. China`s consumer boom will be the engine of the global economy.