China's State Council reemphasized the importance of further development of the country's travel, culture, sports, health and education sectors in an official statement, encouraging social and private capital to deepen investment in them.
Despite a slowing economy, China is projected to remain one of the world’s fastest-growing consumer markets, reaching US$6.5 trillion in annual private consumption by 2020, says a new research released by the Boston Consulting Group and AliResearch Institute, the research arm of Alibaba Group.
Chinese consumption is poised to surge from US$3.7 trillion in 2014 to US$6.4 trillion in 2025, resulting in US$56 trillion of cumulative spending over the next decade, according to a new report from The Demand Institute, a think tank jointly operated by The Conference Board and Nielsen.
Shenzhen-based maternal and infant social networking platform Lamabang.com has completed US$100 million series C financing led by online shopping site Vipshop, according to a company announcement. The round values the company at US$1 billion. Matrix Partners China, Greenwoods Asset Management Limited, and Morningside Ventures also participated in the financing.
The author is ANZ greater China chief economist Liu Li-Gang China’s private consumption was around US$3.3 trillion in 2013, almost as large as Germany’s GDP. However, there is still huge room for Chinese consumption to grow at a fast pace. China’s private consumption represents only 36% of its GDP, compared to the world’s average of 60%.