China's consumption boom is just getting started

A rising middle class and the rapid growth of the e-commerce sector show why China's transformation into a more consumption-based economy is far from over.

Chinese consumers spent $3.6 trillion on goods and services last year, an amount roughly equal to the GDP of European industrial powerhouse Germany. However it only represents 36 per cent of China's total GDP, compared to the world’s average of 60 per cent, according to a special report from Australia and New Zealand Banking Group.

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