BUSINESS China sees huge demand for high-quality products

BUSINESS

China sees huge demand for high-quality products

People's Daily Online

14:39, September 05, 2019

Visitors watch imported fish at the first China International Import Expo. (Photo: Xinhua)

Thanks to an increase in income and ongoing consumption upgrading, Chinese consumers have shown a growing demand for high-quality products.

Data from the National Bureau of Statistics showed that, according to World Bank standards, China has over 300 million middle-income earners, over 30 percent of the world’s total. Such a huge group has caused a boost in medium-high-end consumption.

Therefore, the country needs to unlock the vast potential of its consumption market and provide high-quality consumer goods, said Guan Lixin, a senior researcher with the Chinese Academy of International Trade and Economic Cooperation.

To meet the demand for high-quality products, China should boost domestic sales of quality commodities originally produced for exports and expand imports, Guan added.

In 2018, China’s imports of goods hit 14 trillion yuan, with a growth rate of 5.8 percentage points higher than that of exports. Exports of consumer goods not only improve people’s consumption level and living standards, but also promote the production of similar products in the domestic market.

Chinese consumers are expected to buy more quality products as the second China International Import Expo is approaching.

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue