According to Chen Deming, Chinese Minister of Commerce, China will become the largest consumer market in Asia by 2009. 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.

According to Chen, China is also the second largest seller and buyer of gold and automobiles in the world and ranks third in consumption of health care supplies and luxury items. In fact, China is expected to top the global luxury market by 2014, with a market share of 23%.

For the past 5 years, China’s annual consumption growth rate was at 13% and it is estimated that if growth continues at just 10%, China’s consumer market scale will exceed RMB 30 trillion by 2020.