Many economists have been viewing the Chinese economy in a more objective manner, as its healthy growth offers increasing opportunities for British enterprises, according to a recent report from the China-Britain Business Council.
Although China’s GDP growth has slowed down and investment volume shrank, the country’s consumption has been on the rise, becoming an important engine for the economy. Even if the driving force of investments was eliminated from the economy, China can still retain a healthy annual growth rate of around 3.5-5 percent solely depending on consumption.
The council said no other country could achieve China’s growth through policy measures. In 2015, China’s purchasing power increased $500 billion as a result of the consumption boom. And the robust growth is still continuing.
Moreover, China also enjoys a balanced consumption level, with its market encompassing not only high-end products but also public products and services of small and medium-sized enterprises.
China’s consumption power is not concentrated on small elite groups or the urban middle class; instead, figures show that the majority of Chinese consumers show a growing passion for consumption, which is expected to continue absorbing global products.
The report called on overseas enterprises and investors to learn about the Chinese market, saying it can still provide enormous opportunities to enterprises that manufacture quality products even confronted by reform and development challenges.