1/31/2024 0 Comments Most populous cities in china![]() That is the point at which they are considered to be members of the consuming class, who are able to afford some discretionary goods and services on top of the basic necessities. In 2000, around 1.2 billion Chinese people did not have sufficient income to spend $11 a day in PPP terms. The growth of China’s middle class has been well documented, but its sheer scale continues to be relevant-and remarkable. China’s rising consuming class is an engine of global growth in many discretionary categories Their evolution has the potential to reshape the entire global consumer market. This article provides a more specific lens on emerging patterns among China’s consumers, who are at the forefront of technology adoption, demographic shifts, and new behaviors. A recent report from MGI notes that across the continent, consumption is segmenting and diversifying, while new pockets of growth are emerging. It’s also growing into a more complex phenomenon as demographic and social changes collide with significant technological advances. Among the drivers of this growth are seven key consumer segments identified in previous research by the McKinsey Global Institute (MGI).īut across Asia, consumption is not just rising. Over the next decade, it may add more consumption than any other country, and is expected to generate more than one-quarter of all global consumption growth, according to our baseline scenario. No doubt, social scientists will be tracking the real-world impact of these population changes for years to come.įor more, check out our exclusive content on CGTN Now and subscribe to our weekly newsletter, The China Report.China is estimated to be the largest consumer economy today as measured in purchasing power parity (PPP) terms. ![]() Some of Beijing’s population was redirected to new urban areas. In Beijing, population caps were implemented in 2017 to limit the population to 23 million. To reduce stress on certain cities, the Chinese government worked to redistribute the population. The more times we give birth, the less willing we are to do it,” said Nancy, E-commerce worker to AFP. I think this is a natural regulation of human beings. “No matter how much subsidies the government gives to mothers or families, the trend of having fewer children is inevitable. It’s a transition compatible with women having fewer children in China. Some say China is moving from high-speed development to high-quality development. While the shift imposes certain challenges, it also provides opportunities. They say a country’s fertility rate decreases as its social and economic development advances. Some Chinese experts believe that the negative population growth is natural. So it was only an inevitable phenomenon for India’s population to surpass China’s,” said Liu, a Beijing resident working in Finance when talking to Reuters. So as India’s population surpasses China, its birth rate was (already) quite high. “From (India’s) elderly population to its birth rate, the size of its middle-aged population is relatively big. Over in Beijing, residents seem to be taking the shift in stride. They point to India’s younger population as a potential source of new educational and employment opportunities. Many Indian economists say there is no cause for alarm regarding the change in population. Navan Singh a New Delhi resident told Reuters “(We) need to put a check on it (country’s population) otherwise all the progress that the country is making, vis-à-vis technology, industry, everywhere will go haywire and unemployment and poverty will remain as it is, irrespective of the progress we are making.” The kids are then kept at home and are often engaged in child labor, which is one of the biggest problems of a growing population,” said Hufeza a student in New Delhi to Reuters in April. “The people who are having more kids are very poor in this country, so they cannot support higher education for their children. Some in New Delhi say they’re worried about poverty. Residents of sister cities Delhi and Beijing are reacting to the changes. According to UN estimates, by the middle of 2023 India will have 2.9 million more people than China. The UN projected on April 24 that India would overtake China as the most populous country by month’s end.
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