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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.

BEIJING - China imported 139,900 sedans in 2007, up 25.13 percent over the previous year, with the largest share of 46 percent, or 63,800 units, coming from Germany, China Customs figures revealed.The sedan imports worth 5.01 billion US dollars, up 25.41 percent from the previous year, took up 45 percent of China's total automobile imports which has slightly overshot the previous year's total to stand around 310,889 units.China Trading Center for Automobile Import predicted late January that tariff reduction since July 1 had given a stimulus to China's consumption of overseas made automobiles, which could reach 300,000 in 2007.China customs figures showed about 79 percent of the imports were vehicles with an engine size of or larger than 2.5 liters.Japan exported 29,700 sedans to China, the second largest total, while the United States ranked third with 18,000 units.China's sedan exports, by contrast, more than doubled year-on-year to 188,600 units in 2007.Chery, the flag-bearer of Chinese brands, saw a 132-percent surge in exports in 2007, to 119,800 units. The carmaker, which has accelerated its expansion overseas in recent years, expected to export 180,000 units this year.Chang'an Automotive Group, China's fourth largest automaker, sold more than 40,000 cars overseas last year, against 21,700 in 2006.China, the world's third largest vehicle producer, after Japan and United States, found its auto output grow 22.9 percent to 9.04 million units last year, according to figures with the National Development and Reform Commission (NDRC), the country's top economic planner.The NDRC deputy economic performance department director Zhu Hongren said, since quantity was not a problem anymore, auto producers should increase their focus on quality.In 2006, China overtook Japan to become the world's second largest car market after the United States, with sales of 7.2 million units, up 25.13 percent year-on-year.Compared with their international counterparts, China's auto makers are still small in terms of production scale and behind in technology. In addition, the country's auto boom has created growing problems, such as increasing traffic jams and pollution.

BEIJING -- Chinese investors should be suspicious of phone calls, online messages and websites touting highly profitable stocks, the Ministry of Public Security warned on Tuesday. "As China's stock prices are soaring constantly, there has been a rise in the number of cases of illegal activities in the stock market, which has undermined the normal market order and threatened investor security," the ministry said in a notice on its official website. The government has repeatedly warned investors of illegal securities companies that swindle clients of funds with claims of high returns. The ministry said scam artists used Internet and phone calls to illegally tout stocks, funds or stock ownership to investors. The swindlers charged unwary investors high fees for fake stock tips and then quickly disappeared after having collected a huge sum of money. The funds or stock ownership, which were touted online or by phone, were often nonexistent, the ministry said. Investors were also hoodwinked into buying fake "initial offerings" of stocks that were not listed on the exchanges. Other scams include cases in which investors' shares were stolen and sold by criminals, who had stolen investors' account numbers and codes. The ministry urged investors to be alert and not to trust promoters who touted unrealistic high returns, or accept stock tips from unidentified persons online or on the phone. It also urged investors to be aware of computer security and to stop trading immediately when discovering a computer virus. The China Securities Regulatory Commission has pledged to curb illegal trading and fraud in the stock market. In February, the State Council approved the China Securities Regulatory Commission to lead a cross departmental team to crack down on illegal securities business.

Policemen guard the sea wall at the Yuhuankanmen Port in Yuhuan, east China's Zhejiang Province, August 18, 2007.The Southeast China provinces are girding for the imminent Typhoon Sepat with cancellation of flights, evacuations of ships, boats and more than half a million people.[Xinhua] FUZHOU -- Typhoon Sepat packing winds of 119 km per hour landed in east China's Fujian Province at 2:00 am Sunday, said the Fujian provincial meteorological station. Before the landfall in Chongwu town, Hui'an county of Fujian, Sepat landed in Hualien, the central-eastern part of Taiwan around 5:40 am Saturday, with sustained winds of 180 kilometers per hour.Power cut for thousands of households and downpours were reported in many parts of the island.Sepat also brought downpours to Hui'an with 50-80 mm of precipitation in hours, according to the local meteorological station.Some buildings in Hui'an were damaged, roofs lifted while billboards and trees were toppled down, an official with the Hui'an office of flood control.The official said the typhoon was expected to cause more damages in the county.It rained heavily in the Fujian cities of Ningde, Fuzhou, Zhangzhou and Quanzhou early Sunday morning, according to the Fujian provincial meteorological station.Sepat was moving northwest and was expected to arrive in Jiangxi Province on Sunday afternoon, said an expert with the Fujian meteorological station.More than 900,000 people in the southern Guangdong Province and the eastern provinces of Fujian and Zhejiang have been relocated to safety before the arrival of Sepat.A car wades ahead in the flood water as typhoon Sepat lands with heavy winds and downpours in Cangnan county of the coastal city of Wenzhou, east China's Zhejiang Province on August 18, 2007. [Xinhua] The provincial meteorological station has issued the highest-level warnings for Sepat.More than 540,000 people in Fujian have been relocated to safe places by 7:00 pm Saturday, according to government officials.All entries of expressways in Fuzhou, capital of Fujian, were closed, while 109 domestic and international flights at the Fuzhou airport were cancelled on Saturday. Xiamen and Jinjiang cities also cancelled outbound flights.The Ministry of Civil Affairs have sent 3,000 tents to evacuated people in Fujian.Downpours have been forecast to hit the coastal areas of Fujian and neighboring Zhejiang Province starting from Saturday night.Passenger liners shuttling from Fujian to Taiwan have been suspended since Friday afternoon and it is undecided when services will resume.In Zhejiang Province, nearly 300,000 people had been evacuated to safety and 27,704 vessels back to harbor by 6:00 pm Saturday.Rain with precipitations of up to 87 millimeters hit Wenzhou, Pingyang, Taishun between Friday afternoon and Saturday.Three large reservoirs in Wenzhou discharged 17.5 million cubic meters of water in advance to leave room for more rainwater.In Guangdong, around 70,000 fishing farm workers on the sea, fishermen and residents in low-lying areas have been evacuated to safe areas.

Policemen guard the sea wall at the Yuhuankanmen Port in Yuhuan, east China's Zhejiang Province, August 18, 2007.The Southeast China provinces are girding for the imminent Typhoon Sepat with cancellation of flights, evacuations of ships, boats and more than half a million people.[Xinhua] FUZHOU -- Typhoon Sepat packing winds of 119 km per hour landed in east China's Fujian Province at 2:00 am Sunday, said the Fujian provincial meteorological station. Before the landfall in Chongwu town, Hui'an county of Fujian, Sepat landed in Hualien, the central-eastern part of Taiwan around 5:40 am Saturday, with sustained winds of 180 kilometers per hour.Power cut for thousands of households and downpours were reported in many parts of the island.Sepat also brought downpours to Hui'an with 50-80 mm of precipitation in hours, according to the local meteorological station.Some buildings in Hui'an were damaged, roofs lifted while billboards and trees were toppled down, an official with the Hui'an office of flood control.The official said the typhoon was expected to cause more damages in the county.It rained heavily in the Fujian cities of Ningde, Fuzhou, Zhangzhou and Quanzhou early Sunday morning, according to the Fujian provincial meteorological station.Sepat was moving northwest and was expected to arrive in Jiangxi Province on Sunday afternoon, said an expert with the Fujian meteorological station.More than 900,000 people in the southern Guangdong Province and the eastern provinces of Fujian and Zhejiang have been relocated to safety before the arrival of Sepat.A car wades ahead in the flood water as typhoon Sepat lands with heavy winds and downpours in Cangnan county of the coastal city of Wenzhou, east China's Zhejiang Province on August 18, 2007. [Xinhua] The provincial meteorological station has issued the highest-level warnings for Sepat.More than 540,000 people in Fujian have been relocated to safe places by 7:00 pm Saturday, according to government officials.All entries of expressways in Fuzhou, capital of Fujian, were closed, while 109 domestic and international flights at the Fuzhou airport were cancelled on Saturday. Xiamen and Jinjiang cities also cancelled outbound flights.The Ministry of Civil Affairs have sent 3,000 tents to evacuated people in Fujian.Downpours have been forecast to hit the coastal areas of Fujian and neighboring Zhejiang Province starting from Saturday night.Passenger liners shuttling from Fujian to Taiwan have been suspended since Friday afternoon and it is undecided when services will resume.In Zhejiang Province, nearly 300,000 people had been evacuated to safety and 27,704 vessels back to harbor by 6:00 pm Saturday.Rain with precipitations of up to 87 millimeters hit Wenzhou, Pingyang, Taishun between Friday afternoon and Saturday.Three large reservoirs in Wenzhou discharged 17.5 million cubic meters of water in advance to leave room for more rainwater.In Guangdong, around 70,000 fishing farm workers on the sea, fishermen and residents in low-lying areas have been evacuated to safe areas.