01 May '12, 9pm

Home World China's great leap forward ... into the supermarket

Made in China says everything, economically, about the last decade. Sold in China tells you everything about the next. Recent output figures from China were greeted with concern after the country reported its lowest GDP growth for three years, although, at 8.1 per cent, it's magnificent compared with many. Still, there is much talk among economists about a "hard landing", a "property bubble" and "bankrupt banks". But there is one key fact to remember about the economy in China. It is that the minimum wage is going up 15 per cent a year, every year, for the next five years. Take a billion workers and give them a 100-per-cent pay rise. It changes everything. Within a generation, China is likely to displace the United States as the biggest consumer market in the world. At Tianjin Port, which is the fifth biggest in the world, container ships used to export Chinese goods to th...

Full article: http://www.todayonline.com/World/EDC120502-0000002/Chinas...

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