By 2025, the vast majority of consuming and middle-income households will be in developing regions. While New York, Los Angeles, and Chicago will remain major players because of high per-capita GDP and capital and intellectual assets, companies will pay more attention to growing city regions in the developing world.
On a sunny Monday morning, John Slosar, chairman of Swire Pacific, sits in a bright and spacious room at the Opposite House, a luxury boutique hotel in the bustling Sanlitun area of Beijing.
Chinese companies are increasingly investing in research and development and becoming leading innovators globally, says George Yip, a professor of strategy at the China Europe International Business School.
China's economic transformation is at a turning point. There are increasing pressures of an economic slowdown, and China's GDP growth fell to 7.3 percent in the third quarter of this year compared with the same period last year, hitting a new low since the first quarter of 2009.
No one knows if China's leaders have read the book Antifragile: Things That Gain From Disorder (2012) by Nassim Taleb, an author widely read in the business community, whose fame was first built on The Black Swan (2007).
Why more Chinese are buying from overseas merchants directly instead of employing professional buyers who market their wares online.
Liu Xin, 32, a Beijing local, has been buying products for her child from overseas websites since 2011. She has bought everything from milk powder, a stroller, and a car baby seat to feeding bottles and body lotions, all of which have been delivered to her doorstep through international shipping.
When it comes to haitao, another frequently mentioned term will pop up - daigou, which means "buying on behalf of someone else".
China's cross-border consumption broke 30 billion yuan ($4.91 billion) last year and is expected to reach 100 billion yuan this year, says Tao Guangquan, head of the international department of Secoo, a professional luxury goods service provider based in China.
The hotel combines elements which reflect the rising importance of Chengdu as a significant economic center for Southwest China.
Every year, the international forum of the UN World Tourism Organization and Pacific Asia Travel Association, held this year in early October, is like a second local festival for Guilin.
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Raymond Zhou
Op Rana
Berlin Fang
Zhu Yuan
Huang Xiangyang
Chen Weihua
