DAWN OF AN ERA OF NEW CONSUMPTION

A billboard for the Double 11 shopping festival in Sanlitun,a popular destination for shopping,dining and entertainment in Beijing.

Economics tend to consider investment,consumption and exporting the three key drivers powering economic growth.With exporting plagued by major uncertainties as of late,consumption has become the biggest driver of China’s economy.Chinese economist Li Daokui remarked that China has entered an era of new consumption with the biggest growth point of its economy in recent years as consumption,stirring a quiet revolution.

But what trends will drive future consumption? With retailers seeking changes that lead to greater success and the manufacturing industry continuously upgrading,the Chinese consumer market is unleashing new momentum while Chinese consumption modes and habits are changing and upgrading.In our final issue of 2019,we aim to shed light on the new era of consumption and current economic development trend of China which is rebalancing its economy from investmentdriven to consumption-driven.