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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 expressed grave concern over Kosovo's unilateral declaration of independence, said Chinese Foreign Ministry spokesman Liu Jianchao on Monday."Kosovo's unilateral act can produce a series of results that will lead to seriously negative influence on peace and stability in the Balkan region and on the realization of building a multi-ethnic society in Kosovo, which China is deeply concerned about," said Liu.He said the settlement of the Kosovo issue concerns the peace and stability in the Balkan region, the basic norms governing international relations and the authority and role of the United Nations Security Council. He added that China has always held that the best way to resolve the Kosovo issue is that Serbia and Kosovo reach a plan acceptable for both sides through negotiation."China calls on the two sides of Serbia and Kosovo to continue to seek a proper solution through negotiation within the framework of international law, and the international community should create favorable conditions for this," said Liu.Kosovo's parliament voted Sunday to adopt a declaration of independence at an extraordinary session on its independence from Serbia.Kosovo now is "an independent, sovereign and democratic state," Parliament Speaker Jakup Krasniqi announced after lawmakers voted 109-0 through a show of hands to approve the declaration.But Serbian President Boris Tadic said that Serbia will never recognize the independence of Kosovo.He urged international organizations "to immediately annul this act, which violates the basic principles of international law."Kosovo was a southern autonomous province within Serbia before the breakup of the Federal Republic of Yugoslavia. Among its population of 2 million, over 90 percent are ethnic Albanians and Serbs make up about 7 percent.Kosovo has been under UN administration since mid-1999, after NATO air-strikes drove out Serbian forces from the province.

Chinese President Hu Jintao accepted Thursday credentials presented respectively by new ambassadors to China from Austria, Ecuador, Uzbekistan, Armenia, Nepal, and Yemen.The six new ambassadors include: Martin Sajdik from Austria, Washington Hago Mendizabal from Ecuador, Alisher Salashizinov from Uzbekistan, Vahagn Movsisyan from Armenia, Tanka Prasad Karki from Nepal, and Abdulmalek Sulaiman Mohammed Al-Muaalemi from Yemen.
BEIJING - Chinese share prices rebounded by 1.88 percent on Tuesday with the Shanghai Composite Index, which covers both A and B shares, closing at 5,285.45 points at the end of morning session.The Shenzhen Component Index on the smaller bourse ended at 17,213.70 points, up 0.87 percent.The rise came after a fund has been approved to open for additional subscriptions late this week, which is believed to be a new signal from the government to back up the stock market.On November 4, China's Securities Regulatory Commission (CSRC) issued a notice ordering fund firms not to expand the promised scale of their funds within six months.Heavy weights drove up the share prices. Sinopec went up by 6.58 percent while the new market heavy weight PetroChina by 2.88 percent. China Shenhua rose by 2.36 percent.Steel shares also jumped, with Baosteel, the nation's biggest steel producer, rising 4.10 percent to 15.75 yuan, and with Anyang steel up by 9.39 percent to 10.25 yuan.On Monday, the benchmark Shanghai Composite Index dropped 2.4 percent, or 127.81 points, to close at 5,187.73 points, after falling to as low as 5,032.58 points in intra-day trading.Last week, the Shanghai Composite Index fell 8 percent to 5,315.54, the biggest weekly loss during the past nine years.
来源:资阳报