LINE

    Text:AAAPrint
    Economy

    Urban disposable income to quadruple by 2030: ANZ Bank

    1
    2015-12-10 10:44chinadaily.com.cn Editor: Wang Fan

    A V-shaped rebound of China's GDP growth could start to shape up from 2018 given that China's ongoing structural reforms will boost consumption and optimize growth patterns, said Liu Ligang, chief economist with ANZ Bank's China operation.

    He made the comment Wednesday in Shanghai during the launch of the bank's research report on China's consumption market, which surveyed Chinese consumers' spending on housing, food, education, services, health care, recreation, transportation and durable goods.

    By 2030, China's urban disposable income per capita will almost quadruple, over 300 million new middle-class members (with household income of 100,000 yuan [$15,560] to 150,000 yuan) will emerge in China's urban areas, and this new class of consumers will spend three times as much in 2030 as they do now, the report said.

    The report, quoting data of consultancy and research services provider McKinsey, said that discretionary spending will account for 45 percent of household spending in 2025, up from 34 percent in 2000.

    "This should produce significant changes in spending patterns, particularly spending on durable goods and services", it said.

    Sales of durable goods to rural households are nearly 20 times higher than that of a decade ago as disposable incomes grow staggeringly, the report said.

    By 2020, China's private consumption will represent 44 percent of its GDP and 70 percent of the size of the U.S. consumer market, the report said.

    "Transport & telecom, real estate, education, recreation, medical will greatly benefit from rising consumption and emerging middle class," said Liu.

      

    Related news

    MorePhoto

    Most popular in 24h

    MoreTop news

    MoreVideo

    News
    Politics
    Business
    Society
    Culture
    Military
    Sci-tech
    Entertainment
    Sports
    Odd
    Features
    Biz
    Economy
    Travel
    Travel News
    Travel Types
    Events
    Food
    Hotel
    Bar & Club
    Architecture
    Gallery
    Photo
    CNS Photo
    Video
    Video
    Learning Chinese
    Learn About China
    Social Chinese
    Business Chinese
    Buzz Words
    Bilingual
    Resources
    ECNS Wire
    Special Coverage
    Infographics
    Voices
    LINE
    Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
    Copyright ©1999-2018 Chinanews.com. All rights reserved.
    Reproduction in whole or in part without permission is prohibited.
    主站蜘蛛池模板: 八宿县| 昌吉市| 包头市| 云阳县| 革吉县| 湖北省| 康保县| 平南县| 武川县| 大冶市| 若尔盖县| 西吉县| 奉新县| 永安市| 什邡市| 连州市| 扬中市| 吉林省| 南丹县| 荥阳市| 大悟县| 上虞市| 乌拉特前旗| 喜德县| 汪清县| 五台县| 甘洛县| 山西省| 灌阳县| 稷山县| 靖西县| 正宁县| 杭锦旗| 高要市| 科尔| 邢台县| 尉氏县| 龙州县| 伽师县| 池州市| 浙江省|