Word: likelies
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Dates: during 2000-2009
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...Surprisingly, it is provincial cities like Xi'an that are leading this transition. In China's heartland, you won't find many factories churning out cheap toys or clothing for overseas markets, the kind of industrial activity that underpinned China's economic miracle and made Shanghai and Shenzhen wealthy. Total international trade represents a mere 18% of Xi'an's GDP, compared with 160% in Shanghai. Xi'an is being built instead on the burgeoning spending power of its own consumers, and on the expansion of Chinese companies churning out products for Chinese. "The domestic market will be the leading...
...been singed by the crisis. In fact, the city has benefited. It's received $230 million of Beijing's $585 billion stimulus package, which helped accelerate the construction of a new subway system, highways and other projects. A similar scenario has been playing out in other western China cities like Chengdu and Chongqing. BofA Merrill Lynch Global Research calculates that the GDP of China's western provinces grew 9.3% in the first half of 2009, compared with 6.5% in the east. This trend is likely to continue. "Growth is shifting to the interior," says Ting Lu, a BofA Merrill Lynch...
...today, Xi'an is experiencing a renaissance. The locals who frequent Zhu's store have cash - and they're spending it like never before. On a recent Wednesday in late October, hospital worker Hao Jie, 40, is gleeful after dropping $1,200 on a 52-inch LCD TV for her new apartment, the keys to which she received only days earlier. Nearby, a soon-to-be-married young couple, Zhang Guopeng and Luo Xi, sizes up washing machines using a measuring tape. The two engineers are also shopping to fill up a new apartment, their first home together...
...investment and development has translated into prosperity for Xi'an residents. The per capita GDP of the city has increased 150% between 2001 and 2008 to $3,800 (though it remains far behind rich coastal cities like Shanghai, where GDP per capita exceeds $10,500). Consumer spending is growing quickly as well. In the first nine months of 2009, retail sales in Xi'an jumped 19% compared to those in the same period a year earlier, well above the 14.8% posted in China's cities nationally. BofA Merrill Lynch estimates that retail sales in the western provinces rose...
...Instead he found visitors pouring in from other parts of China, many attending conferences being held by Chinese companies at the hotel. Now, with Chinese clientele making up 80% of his business, Wiegandt has refocused his marketing efforts away from the U.S. and Europe and toward big Chinese cities like Shanghai and Beijing. "I didn't expect the domestic market to be so strong," he says...