New German Chamber Ticker online: Catering To The New Middle Class (Fall 2018)
China has no shortage of superlatives, both good and bad; starting with the Great Wall of China, one of the longest architectural feats in human history, to the fastest supercomputer in the world, the Tianhe 2. China also remains the biggest emitter of carbon dioxide worldwide, underlining the difficult balancing act that characterizes China’s rise.
China’s “think big” approach permeates all aspects of the Middle Kingdom and affects key economic indicators, but also the day-to-day lives of Chinese citizens. One example for a development at the interface of steady growth rates and real-life impact on what it means to live and work in China in 2018 and beyond is the emergence of China’s middle class. By current estimates, China’s rapidly developing Middle Class is slated to include over 550 million people in 2022 – that alone would make China’s middle class big enough to be the thirdmost populous country in the world. We are witnessing the rise of a new generation of spenders; even conservative projections expect the Chinese consumer economy to grow by 55% to USD 6.5 trillion by 2020 – that’s the value of the current entire consumer markets of Germany, Japan and the UK combined.
In a world driven by rapid e-commerce and the availability of everything your heart desires at the tap of your smartphone, the current Chinese generation is enthusiastically filling their virtual or physical shopping carts. This trend has inherent value for German companies – quality, “Made in Germany” is as popular as ever among Chinese consumers with disposable income. And as disposable income among Chinese consumers is growing, this edition of the GC Ticker will offer you unique insights into how to best cater to this segment.
With stories ranging from the luxury goods market to how the health and sustainability industries are expanding, this month’s issue will help you to navigate an increasingly demanding and sophisticated consumer base to maximize the impact of your current and future product portfolio.
It is my distinct pleasure to also present you with an exclusive op-ed by German Federal Minister for Economic Affairs and Energy Mr. Peter Altmaier, who will reflect on the importance of a level playing field in terms of global trade in view of his upcoming trip to the 2018 Asia Pacific Conference in Jakarta, jointly organized by the German Federal Ministry for Economic Affairs and Energy (BMWi), the Asia-Pacific Committee of German Business (APA), and Germany’s bilateral Chambers of Commerce Abroad (AHK) in the Asia-Pacific region.
All this comes in the wake of the first 2018 China International Import Expo, which will take place from November 5th to 10th in Shanghai. The expo, where Germany is one of the partner countries, will allow German companies to participate and explore economic opportunities in the Chinese market, as well as meet with top Chinese and international import decision makers, to further cater to the new Chinese middle class.
We hope you enjoy reading!