The New York Times: a global economic recession and the sudden outbreak of China’s consumption
First time in history, the Chinese people to buy cars than the United States gets. Demand is high enough to car buyers who have to wait a long time in order to get best-selling model.
“I am disappointed, but I can do?” 28-year-old decorative designer Zhang Ge Road (sound) said. His most recent, and two friends want to buy a black Toyota RAV4, was told not to mention cars will no longer wait two months.
So selling more than just a car. For an increasing number of consumer goods, China has already overtaken the U.S. as the world’s largest markets, including cars, refrigerators, washing machines and even home computers.
Automotive consultancy JD Power Asia-Pacific director, John Forecast – Bonnell (John Bonnell) said that the Chinese market is in “full speed ahead, the outbreak of the word that is an underestimation of the market.”
China’s leader in the United States at this particular moment, in part because Americans are also concerned by the debt-distressed unemployed, they began to retreat in the consumer market. Americans, after decades of wasteful spending saved. Economists believe that indulging in savings in China have begun to consume.
Increase in income so that eventually the majority of China’s 1.3 billion people have the ability to purchase large items.
The question is: These people will continue spending Mody? The Chinese government uses discounts, subsidies, and a large number of loans to stimulate consumption. China from the shopping craze into a true consumer-oriented society, which not only concerns China and the matter of the whole world.
For many years Western countries have asked China to increase domestic consumption and reduce dependence on exports, because China too dependent on exports to disrupt the global trading order.
To make the machine continued to roar. China devalued the yuan so that Chinese goods more competitive in foreign markets. Government, through the rise of wages and non-bank deposits to maintain artificially low interest rates to support exports.
China’s trade surplus and the intervention in currency markets to reach 2.27 trillion foreign exchange savings made, mainly the United States bonds, mortgage-backed securities and other dollar-denominated assets, which will help the United States to maintain low interest rates and maintain the U.S. government borrowing. China’s excessive frugality has created the excessive greed of the United States.
If the Chinese consume more Americans to save more, the global economic exchange may be present a more stable situation. Meanwhile, China’s rapidly growing consumer is good news around the world. China, not the United States for the first time to become a locomotive for the global economic recession. But China’s appetite for U.S. exports meant that the interests of only a very small assigned to the exporters and those who do business in China.
Year car manufacturers in China to sell 12.8 million cars and light trucks, almost all of these cars produced in China (although most of the foreign brands) in comparison with the U.S. annual sales of 10.3 million vehicles. Appliance maker in China, hoped that this year sales of 185 million refrigerators washing machines and other kitchen appliances, the U.S. market, compared with 137 million units.
As for the home computer, China has steadily overtaking the United States in the third quarter, sales of 720 million units in the United States, compared with 6.6 million units.
Adjusted for inflation, retail sales increased by 17% a year, almost twice as much of its economic growth.
Americans are almost canceled their shoes and furniture to jewelry, including all the shopping. The Chinese households across the income threshold, but also afford to buy automobiles and other big commodities.
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