BEIJING, June 26 — The continuous upgrading of the domestic demand market is not only driving the improvement of products and services, but also directly amplifying the appeal of inbound consumption, according to a Xinhua think tank report released Friday.
The report, titled “Shopping in China: Sharing New Opportunities of Open Development,” was released by Xinhua Institute, a think tank affiliated with Xinhua News Agency.
With per capita GDP exceeding 13,000 U.S. dollars, China’s consumer demand is accelerating its transition from “availability” to “quality,” and from “meeting basic living needs” to “pursuing premium experiences,” the report said.
“Robust and diversified high-end consumer demand attracts global brands to prioritize the Chinese market for the debut of their latest high-quality products and cutting-edge services,” it noted.
An increasing number of multinational corporations are establishing their regional headquarters, R&D hubs, and design centers in China to precisely align with local consumption preferences, offering exclusive products and services that also benefit inbound tourists, the report added. (Namibia Daily News/Xinhua)
