Consumption leads economic revival

Which country will lead the new economic development? The answer is China, because it has the largest population, and is set to become the world's largest economy, largest trader, largest buyer and the largest consumer market.

In the next five years, despite some uncertainties, China has the ability to maintain an annual economic growth of 6.5 to 7 percent. Irrespective of whether it is calculated on the basis of exchange rate or purchasing power parity, the Chinese economy is expected to account for at least 20 percent of the world economy.

Chinese people's incomes are expected to double from the 2010 levels by 2020, when the country's population is projected to reach 1.4 billion. If China can maintain growth between 6.5 percent and 7 percent, its citizens' average annual personal disposable income will increase from 22,000 yuan ($3,385) in 2015 to at least 30,000 yuan in 2020. And Chinese people will become the fastest growing consumers in the world.