China to become top Asia consumer market

BEIJING, Sept. 9 (UPI) -- China, with a per capita GDP of $2,456, will become Asia's largest consumer market by next year, ahead of Japan, Commerce Minister Chen Deming said Monday.

Chen, who spoke at an international trade and investment fair in east Fujian province, said entertainment, housing and tourism will expand their shares in the domestic market, the state-run Xinhua new agency reported.

"As one of the world's fastest growing consumer markets, China is a world leader in mobile phone sales, domestic tourism, and broadband network penetration," he said.

Chen said China's annual consumption has grown an average of 13 percent in the past five years. He said if the growth rate continues even at 10 percent, China's consumer market will exceed $4.38 trillion by 2020.

The minister predicted China will top the global luxury market by 2014, with a market share of 23 percent, and by 2015 the country may become the world's fourth-largest provider of outbound tourists, the report said.