As anyone who reads these pages knows, China’s growth has slowed and its economy is, little by little, rebalancing away from investment and towards consumption. Yet many are also left scratching their heads by news that sales of a wide range of consumer products, from luxury cars to cheap local beer, are so sluggish. If consumption is so strong, why can’t we see it? The answer is simple: people are looking in the wrong places. Both high-end and low-end retail are faring poorly. But look at the middle tier, and the story could scarcely be more different. This is where the consumption boom is unfolding.
看過相關報道的人都知道，中國經濟增長放緩，并且正在緩慢地進行再平衡——從依靠投資轉向依靠消費拉動經濟增長。然而許多人也對種類繁多的消費品銷售疲弱——從豪車到國產廉價啤酒——的新聞摸不著頭腦。如果消費非常強勁，我們為何看不到？答案很簡單：人們找錯了地方。高、低端零售都表現不佳。但看看中端銷售，故事可能截然不同。這正是消費熱潮正在上演的地方。