China is surpassing the United States as the world’s biggest market — from cars to refrigerators to washing machines, even desktop computers.
The Chinese market is “on full tilt — booming is an understatement these days
The Beijing government is increasing consumption with rebates, subsidies and heavy bank lending. Whether China can turn the spending spree into the seeds of a true consumer society matters not just to China, but to the world.
Retail sales are growing 17 percent a year in China after adjusting for inflation, almost twice as fast as the overall economy.
annual incomes still average just $2,775 a person in cities and $840 in rural areas, Western economists predict the economy will grow almost 12 percent in each of the next two years and the renminbi is widely expected to appreciate someday
Click on the following for more details: Recession Elsewhere, but It’s Booming in China - NYTimes.com
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