Economy

China to be as top consumer of high-end products by 2015

(Xinhua)
Updated: 2011-03-08 09:19

BEIJING - China is expected to surpass Japan to become the world's largest consumer of high-end goods by 2015, Commerce Minister Chen Deming said Monday.

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This shift was attributed to China's large population, rising income and inadequate supplies of home-made high-end brands, Chen told reporters.

Consumption of high-end products in China rose 23 percent in 2010, he said, adding that the number of Chinese people shopping for luxury goods overseas increased 30 percent.

The government will develop the country's own brands and work out measures to let foreign brands sell their China-made products directly in China's market to benefit Chinese consumers, he said.

China will also improve its sales network and strengthen regulations in retail markets to reduce charges in circulation, he said.