, Columnist
Chinese Consumers Now Rule the World. Get Used to It
It's no longer the "world's factory" as Singles' Day blows away Black Friday.
Moving away from exports.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
It’s way past time to stop calling China the world’s factory.
The country is increasingly the world’s consumer. Forget the old investment and export-focused growth model. Even more important is the changing nature of consumption, which no longer revolve around staples: Increasing sums are being plowed into movies, tourism and health care. Investors ignore this seismic shift at their peril.