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BEIJING -- China is likely to become the world's second largest consumer market by 2015,  said a report released by the Boston Consulting Group (BCG).Chinese shoppers select the luxury Louis Vuitton luggage at the first franchise store in Nanjing, East China's Jiangsu Province, July 25, 2007. [newsphoto]The report is based on a survey of 4,258 consumers in 13 Chinese cities from February to March 2007. According to the report, Chinese consumers are experiencing unprecedented wealth growth which is 3 to 5 times faster than developed countries in the past 50 years. Most Chinese consumers plan to spend more in near future to fulfill their family dreams."The past decade of rapid economic growth has brought prosperity but also uncertainty, resulting in a highly complex consumer market with diverse consumer attitudes," said Hubert Hsu, senior partner and managing director of BCG, at a press conference in Beijing."Capturing the next wave of consumer growth in China will involve developing deep consumer insights and creating marketing differentiation," said Hsu.The report said there are significant generational differences in terms of spending attitude among Chinese consumers. The strong interest in trading up, which means spending more money for more expensive products, was driven up by consumers' increasing desire for better goods and services and rising concern over safety and quality of cheap products.Chinese consumers put more faith in brand names compared with the US consumers and they believe good brand represents quality, safety, effectiveness and durability, said Hsu.Despite strong trading up desires, Chinese consumers continue to "treasure hunt" - make deliberate trade-offs to maximize "value" of their budgets. They use similar strategies for treasure hunting as their counterparts in other countries except several unusual tactics such as group purchase for volume discount, said the report.The report suggested global suppliers in China should establish strong, branded relationships with China's treasure-hunting consumers, provide the kinds of products that appeal to practical concerns and emotional needs, and be willing to customize their offerings to meet the needs of a geographically diverse population.While the retailers must make sure the categories they carry are the ones that treasure-hunting consumers will seek and focus on a product's technical and emotional benefits, said the report.

Washington - China is on course to catch up with the United States and join the front ranks of world economic powers, but that is little cause for concern even among Americans, a global survey said Monday. Most respondents in 13 countries agreed it was "likely that someday China's economy will grow to be as large as the US economy," according to the opinion poll by the Chicago Council on Global Affairs and WorldPublicOpinion.org. "What is particularly striking is that despite the tectonic significance of China catching up with the US, overall the world public's response is low key -- almost philosophical," said Steven Kull, editor of WorldPublicOpinion.org. But the poll showed there is also distrust of China to "act responsibly" in world affairs.  In no country was there a majority who felt that China's economic rise would be mostly negative, but that was not because China is particularly trusted, the pollsters said. Majorities in 10 out of 15 countries said they did not trust China "to act responsibly in the world." But the same number also said they distrusted the United States. "Though people are not threatened by the rise of China, they do not appear to be assuming that it will be a new benign world leader," Kull said. "They seem to have a clear-eyed view that China is largely acting on its own interests." The Chinese themselves are among the more skeptical populations, with only half saying that their economy will catch up with the United States'. Among Americans, the percentage was 60 percent. Only in India and the Philippines did a plurality of respondents say the United States would always remain a bigger economy than China. The highest level of concern about the implications of China's economic march was in the United States, where one in three is worried. But 54 percent of Americans said that its rise would be "neither positive nor negative" while one in 10 said it would be mostly positive. Only in Iran did a majority -- 60 percent -- say that it would be "mostly positive for China to catch up." The survey included 18 countries: Australia, Argentina, Armenia, China, France, India, Iran, Israel, Mexico, Peru, the Philippines, Poland, Russia, South Korea, Thailand, Ukraine, and the United States, plus the Palestinian territories. Not every question of the poll was asked in each country, so that the results for some questions covered less than 18 countries.

The average wedding cost in urban China hits a record of 560,000 yuan (US,572), and young couples are heavily depending on parents' financial aids to pave the way for their marriages, reported the Jiefang Daily Friday.2006 China Wedding Expo was held at Beijing Exhibition Center from August 11-13. Various wedding photos and other related wedding outfits had been exhibited during the expo. [CRI]The 560,000 yuan is based on some 60,000 valid questionnaires of a recent survey conducted by the Committee of China Wedding Expo.According the survey, the wedding related expense, honeymoon, new house and car are prime contributors to the soaring marriage cost in the urban area. The wedding related cost, including wedding picture, dress, ceremony, feast, jewelry is 139,557 yuan in average. The average costs of honeymoon and a new car are 9,227 yuan and 94,800 yuan respectively. Housing expense fuels the marriage cost by adding 308,600 yuan in average. According to the survey, 81.6 per cent of young couples' marriages are funded by their parents. No matter parents finance some of it, half of it or all of it. "Parents are the young couple's first-choice sponsor of their luxurious wedding," said Liao Junguo, the director of the data center of China Wedding Expo. "I am willing to give my boy a hand as it is a tradition of Chinese parents to take care of their children's wedding," a senior surnamed Zhang said. The skyrocketing marriage cost in urban area put many engaged couples in an awkward position when it comes to the question of getting married. Love and marriage go together like a horse and carriage, but the carriage nowadays is loaded with money.

China has paid its dues to the UN in time, one of China's representatives to the world body has said."This year, assessed contributions (UN membership dues) and peacekeeping assessments both will go up significantly for China, with the total being 0 million, a 42 percent increase against last year," a member of China's delegation to the Fifth Committee of the 62nd UN General Assembly, Yu Hong, said.Speaking at a conference on "Improving the Financial Situation" of the UN in New York last week, he said China has provided equipment worth more than million to its peacekeeping troops in Sudan and Liberia, too.The country will pay the bulk of its outstanding peacekeeping dues before the end of the year, Yu said."China has a very good reputation in fulfilling its financial promises to the UN," Wu Miaofa, a UN expert with the China Institute for International Studies, said. "China has become an active participant and constructor of the organization."The increase in China's financial contribution and its fulfilment of the promises show that it's willing to shoulder more international responsibility, he said.The UN's financial condition has deteriorated this year because of the rise in unpaid contributions."A sound financial condition is most important for the UN to perform its functions as the most important world body," Wu said, urging all member states to honor their financial obligations in time.

BEIJING, March 15 (Xinhua) -- China recorded 68.02 billion U.S. dollars in foreign trade of electronics and information products in January, a growth of 19.3 percent year-on-year.     Sources with the General Administration of Customs said on Saturday that the growth rate was 12.9 percentage points lower than the year-earlier level.     The total trade volume included 38.29 billion U.S. dollars in export value, up 22.9 percent, and 29.73 billion dollars in import value, up 15.2 percent.     The sources said the growth rate for exports was 12.8 percentage points lower than the same month of last year, while that for imports was 13 percentage points lower.     Of the total exports, wholly owned foreign companies accounted for 24.94 billion U.S. dollars, or 65.1 percent, the sources added.