China has over 300 million people with average incomes, who push for quality products
A growing demand for high quality products is visible in China. Thanks to the increase in income, in fact, and to the constant improvement in consumption, Chinese consumers have shown a growing demand for high quality products.
This trend is confirmed by data from the National Bureau of Statistics, which showed that, according to World Bank standards, China has over 300 million people with average incomes, or more than 30% of the world total.
Guan Lixin, senior researcher at the Chinese Academy of International Trade and Economic Cooperation, said China would, therefore, unlock the vast potential of its consumer market and provide high-quality goods.
In 2018, Chinese imports of goods reached 14 trillion yuan
“To meet the demand for high-quality products, China should increase domestic sales of quality products originally produced for exports and expand imports,” Guan added.
In 2018, data in hand, Chinese imports of goods reached 14 trillion yuan, with a growth rate of 5.8 percentage points higher than that of exports. Exports of consumer goods not only improve the level of consumption and the standard of living of people, but also promote the production of similar products on the domestic market.
Furthermore, Chinese consumers would be encouraged to buy more quality products even as the second China International Import Expo approaches.
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