China To Become World's Largest Consumer Market In 2015

By Ng Che Yean BEIJING (China), May 29 (Bernama) -- China is expected to become the world's largest consumer market in 2015 following rapid urbanization and an increase in people's income, Commerce Minister Chen Deming said. The country's volume of consumer retail sales is expected to reach US$5 trillion (RM15 trillion) in 2015, the number of outbound tourists would reach 88 million, Chen said at the opening ceremony of the first Beijing International Fair for Trade in Service (CIFTIS). Demand for home services, education and training, medical care, financing, technology and tourism is growing and Research and Development (R&D), digital design, flow control and marketing have great market in China, he added. China currently ranks fourth in the world in terms of service trade volume, with US$419.1 billion (1.257 trillion) in 2011. The five-day fair, hosted by the Ministry of Commerce and the Beijing municipal government, attracted more than 22,000 service providers from 82 countries and regions to boost trade in the sector. -- BERNAMA