Background: One in every five people is a Chinese
- China is currently the world’s third largest market in terms of nominal gross domestic product (what the country produces at exchange rate terms), after the US and Japan, but has the potential to overtake these two markets in the coming years.
- It is home to the largest population on the world —1.3 billion people or about one fifth of the global population, the largest labour force, and thus the largest potential for future consumption as a market.
- Income per capita (per person), however, is still relatively small compared to industrialised economies, and thus China still ranks as a developing market.
- Wealth creation especially in the eastern and more developed parts of the country are evident, with more than 450,000 millionaires (US$) at the end of December 2009, and more than 60 billionaires.
- It is the largest importer of a number of raw materials and by end of 2009 overtook Germany as the largest exporter. It has become the manufacturing powerhouse of the world, and based on its export-driven growth policies over the past three decades, has averaged economic growth rates of between 9 per cent and 10 per cent for the past 30 years.