久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

left corner left corner
China Daily Website

The bane of domestic consumption

Updated: 2013-01-28 13:33
By Colin Speakman ( China Daily)

A year of transition lies ahead, and it will not necessarily be that easy

Retail sales in China grew 14.3 percent in 2012, ending with an encouraging year-on-year increase of 15.2 percent in December, and consumption (including government consumption) accounted for 51.8 percent of GDP.

China has also established itself as the world's largest automobile and mobile phone markets (keenly eyed by Apple, for example), and the most important luxury goods market. So one could be forgiven for thinking that 2013 will see domestic household consumption become the driver of China's growth. But will it turn out that way?

With such a large population, it only takes a small proportion of wealthy consumers to create a worthwhile market for luxury goods. However, the average income of consumers in China still remains modest - average annual urban disposable income was just 24,565 yuan ($3,947; 2,964 euros) in 2012. Income remains very unevenly distributed as China's Gini coefficient settled at 0.474 in 2012. Although down from 0.477 in 2011 and from a high of 0.491 in 2008, it is still well above the 0.4 mark that is seen as unacceptably skewed toward the minority, that is, rich people.

The power of the affluent to spend on luxury goods was illustrated by last year's spending spree of Chinese consumers traveling abroad. In 2012, China's luxury goods consumption reached $46 billion, of which $27.1 billion was spent overseas, a large percentage of which can be potentially diverted to the domestic market. But that would require reductions in the tax on luxury goods in China and the development of more recognized Chinese brands - a process which will take time.

Indeed, it is likely that an increase in consumption among ordinary people will also take time. Domestic household consumption (excluding government expenditure) remains stubbornly below 40 percent of income, whereas in most major economies it is around 75 percent and sometimes higher.

The low percentage of household spending out of income is explained by a continuing desire to save for unexpected events that are not covered in other ways. The authorities have to improve the social security net for medical care, job loss and retirement if the average consumer is to risk depleting his/her savings by higher consumption.

In Western economies, the rainy day provision often comes from access to credit from unused credit card balances or equity withdrawal from housing assets. We know the dangers that uncontrolled access to credit can bring in the West, yet we see increasing marketing of credit cards in China to the younger generation. Caution is urged here.

Exports account for roughly one-third of China's GDP and they remain an uncertain future contributor given the weaknesses in Western economies. However, it would be difficult to see domestic consumption growing fast enough in the short term to compensate for any significant decline in export demand.

Hence, China faces a difficult balancing act in transition. It remains important, in an era of apparently lower economic growth, to hold on to modestly paid jobs in the export sector where labor costs and controlling any significant appreciation of the yuan remain key factors.

If that is not done, multinationals will increasingly look to countries like Cambodia, Laos, Indonesia and Vietnam for lower costs. Yet, if more demand can be internalized within China, it would increase household income from employment in higher added value industries and the resulting higher incomes would help consumers to afford higher priced products - a virtuous cycle.

It makes more sense for China to increase consumer spending in the general market (as opposed to just the high-end market) to raise the living standards of the majority of workers.

With many workers still surviving on modest incomes, is relying on rising luxury goods' markets really the only acceptable way forward? Even though a car often seems a necessity in Western economies and car ownership is low per head in China, can Chinese cities really go on absorbing more cars every year and deal with the associated congestion and pollution?

The behavior of the housing market is likely to be a factor in consumer spending in 2013. While measures to make housing more affordable are sensible, the recent evidence of modest increases in housing prices in many cities is not necessarily bad. Few people want to buy a house if they think housing prices could fall later, and a modest upturn is desirable and more home purchases will underpin a general rise in consumer spending. All in all, the Year of the Snake will be an important transitional year for the Chinese economy.

The author is an economist and director of China Programs at CAPA International Education, a US-UK based organization that cooperates with Capital Normal University and Shanghai International Studies University. The views do not necessarily reflect those of China Daily.

 
 
...
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    国精品**一区二区三区在线蜜桃| aaa国产一区| 久久久国产精品麻豆| 国产精品综合网| 中文字幕一区二区三区不卡在线| 91久久精品网| 蜜桃免费网站一区二区三区| 久久久久成人黄色影片| 色综合一个色综合| 午夜精品久久久久影视| 精品国产一二三| a在线欧美一区| 亚洲成a人片在线观看中文| 欧美不卡激情三级在线观看| 丁香网亚洲国际| 亚洲一区二区在线视频| 日韩免费成人网| 成年人网站91| 日日夜夜精品视频天天综合网| 精品国精品自拍自在线| 91免费小视频| 麻豆精品视频在线观看免费| 国产精品高潮呻吟| 9191精品国产综合久久久久久| 久久福利资源站| 成人免费在线视频| 91精选在线观看| 成人一区二区三区| 日韩国产在线观看一区| 国产女人18毛片水真多成人如厕 | 老司机精品视频线观看86| 国产精品乱码一区二三区小蝌蚪| 欧美在线视频你懂得| 精品一区二区日韩| 亚洲激情图片一区| 久久久久国产精品免费免费搜索| 欧美亚洲免费在线一区| 国产激情精品久久久第一区二区| 亚洲综合免费观看高清完整版 | 日韩亚洲欧美中文三级| 波多野结衣亚洲一区| 天天综合色天天综合色h| 国产欧美精品日韩区二区麻豆天美| 在线亚洲高清视频| 国产激情精品久久久第一区二区| 五月激情丁香一区二区三区| 中文字幕欧美日韩一区| 欧美一区二区女人| 91丨九色porny丨蝌蚪| 国内精品久久久久影院薰衣草| 亚洲精品精品亚洲| 国产情人综合久久777777| 欧美久久久久久久久久| av电影天堂一区二区在线| 精品一区二区在线观看| 亚洲在线观看免费| 中文字幕日韩欧美一区二区三区| 欧美一区二区福利在线| 一本大道久久精品懂色aⅴ | 国产精品亚洲一区二区三区妖精| 亚洲成人一二三| 亚洲男女毛片无遮挡| 国产欧美一区二区三区在线看蜜臀| 91精品国产色综合久久不卡电影 | 欧美电视剧免费全集观看| 欧美午夜不卡视频| 一本大道久久a久久精品综合| 国产成人亚洲综合a∨婷婷图片| 日韩黄色一级片| 亚洲在线观看免费| 亚洲欧美日韩一区二区| 国产精品日产欧美久久久久| 亚洲精品一区二区三区香蕉| 欧美一区二区视频在线观看| 欧美日韩一区二区电影| 色成人在线视频| 91免费视频大全| 99久久综合色| 不卡的电影网站| 大尺度一区二区| 精品一区中文字幕| 午夜精品福利一区二区蜜股av| 国产精品久久久久久妇女6080| xfplay精品久久| 欧美变态tickling挠脚心| 欧美一区二区三区视频在线| 欧美日韩国产一区| 欧美在线看片a免费观看| 99久久99久久久精品齐齐| 成人一区二区在线观看| 成人中文字幕在线| 国产成人综合在线观看| 国产一区二区三区黄视频 | 久久机这里只有精品| 日本欧美久久久久免费播放网| 午夜在线成人av| 亚洲va韩国va欧美va| 五月天婷婷综合| 五月天网站亚洲| 日本特黄久久久高潮| 日韩中文字幕区一区有砖一区| 丝袜诱惑亚洲看片| 日韩电影免费在线看| 日本aⅴ精品一区二区三区| 免费成人在线网站| 另类小说欧美激情| 黄色资源网久久资源365| 国产一区二区精品久久| 国产黄色精品网站| 成年人国产精品| 色综合天天在线| 在线视频一区二区免费| 欧美日韩综合色| 7777精品伊人久久久大香线蕉经典版下载 | 国产精品久久久爽爽爽麻豆色哟哟 | 亚洲va欧美va人人爽| 日本亚洲欧美天堂免费| 精品综合久久久久久8888| 激情久久久久久久久久久久久久久久| 狠狠色丁香久久婷婷综| 国产91高潮流白浆在线麻豆| 成人av电影在线| 91黄色免费版| 欧美久久高跟鞋激| 精品国产乱码久久久久久夜甘婷婷 | 精品一区二区三区欧美| 国产精品一区二区三区网站| 成人黄色片在线观看| 色88888久久久久久影院野外| 欧美色电影在线| 欧美不卡视频一区| 国产精品乱码久久久久久| 亚洲综合久久久久| 麻豆精品久久久| 成人avav影音| 欧美日韩一区二区在线观看视频| 日韩午夜av一区| 国产精品久久免费看| 亚洲电影在线播放| 国模少妇一区二区三区| 91麻豆swag| 日韩美女一区二区三区四区| 国产精品青草综合久久久久99| 亚洲精品高清在线| 美美哒免费高清在线观看视频一区二区 | 91网站最新网址| 欧美一区二区三区日韩视频| 亚洲国产精品传媒在线观看| 亚洲黄色尤物视频| 精品无码三级在线观看视频| 成人av影视在线观看| 欧美三级中文字| 国产欧美一区二区三区鸳鸯浴| 一区二区三区精品在线观看| 麻豆精品蜜桃视频网站| 97久久超碰精品国产| 91精品国产综合久久精品app| 久久精品人人做人人综合| 一区二区三区精品视频在线| 激情文学综合丁香| 91久久久免费一区二区| 久久综合久久鬼色中文字| 亚洲摸摸操操av| 精品一区二区免费| 91九色最新地址| 久久亚洲精精品中文字幕早川悠里| 日韩毛片一二三区| 精品亚洲国内自在自线福利| 在线精品亚洲一区二区不卡| 久久精品人人做人人爽人人| 亚洲444eee在线观看| 成人激情黄色小说| 欧美大片日本大片免费观看| 亚洲美女屁股眼交| 国产一区二区三区高清播放| 欧美日韩精品一区二区三区四区 | 日韩午夜精品视频| 一区二区三区资源| 国产麻豆精品视频| 欧美情侣在线播放| 中文字幕一区二区三区在线播放| 美女久久久精品| 欧美亚洲日本国产| 国产精品国产三级国产专播品爱网| 美女视频第一区二区三区免费观看网站| 一本一道久久a久久精品| 久久久精品日韩欧美| 奇米亚洲午夜久久精品| 91久久精品一区二区三| 中文字幕av一区二区三区高| 美国毛片一区二区三区| 欧美日韩一级大片网址| **欧美大码日韩| 高清av一区二区| 欧美精品一区二区三区在线| 日本成人在线视频网站| 欧美色成人综合| 一区二区激情小说| 不卡av免费在线观看| 久久久久高清精品|