Why China’s Consumers Will Keep Creating New Billionaires [Forbes]
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Source: Forbes
Why China’s Consumers Will Keep Creating New Billionaires Consumer-focused entrepreneurs are some of the top standouts on the 2019 Forbes China Rich List published earlier this month on Nov. 7. Among them China sportswear leader Anta Sports’ CEO Ding Shizhong. whose fortune more than doubled from a year earlier (see list overview here What are some of the forces propelling China's consumer spending and the fortunes of entrepreneurs tied to it? China has for years been called "the world's best consumer story" by Andy Rothman, investment strategist at Matthews Asia. And though the country’s GDP growth rate has declined of late, there's no reason for that longer-term trend to reverse. One reason is savings, an indicator of ability to spend. China’s household savings has been in the neighborhood of 27%, compared to only 8% in the U.S., Rothman noted in his Oct. 18 "Sinology" newsletter. Another reason is the sheer size of China's overall economy today. Though the percentage increase in Ch
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