Consumption Upgrade: A key driver of China's economy
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To get China's buzzwords at Two Sessions, Global Business takes a closer look at the term "consumption upgrade." China's consumption upgrade is characterized by blooming online sales and huge demand for high quality products thanks to rising disposable income and innovation. Consulting firm eMarketer showed that China's retail sales this year are expected to grow 7.5 percent to 5.6 trillion U.S. dollars which means China will surpass the U.S. to become the top retail market this year.