China has become the world's fastest growing consumer market, from daily necessities to luxury brands, total consumption accounted for close to 80 percent of China's GDP in the first half of this year. And as Sun Tianyuan reports, more foreign products are available to meet growing Chinese demand.

40 years ago, the must-haves for a family in China were a watch, a bicycle, a sewing machine and a radio.

In 1978, a bicycle was the equivalent to a car when annual average disposable income was only 340 yuan, or about 200 US dollars back then. The popular Phoenix brand cost over half that.

Opening up brought decades of rapid economic development, and disposable incomes grew 100 fold in major cities such as Beijing and Shanghai.

And the Kingdom of Bicycles switched gears. For this generation, the ride has four wheels.

DR. XU HONGCAI, DEPUTY CHIEF ECONOMIST CHINA CENTER FOR INTERNATIONAL ECONOMIC EXCHANGES "China's rapid economic development in the past 40 years has been a miracle. Growing incomes have changed the structure of consumerism in China, from buying basic goods with rations under a planned economy to a booming need for higher quality products and services."

In the first half of this year, more than 12 million vehicles were sold in China. That's 3-and-a-half million more than the US.

In July, China imported 165-thousand automobiles. The 50-percent surge was fueled by the cut in tariffs from 25 percent to 15, which started on July 1st.

DR. XU HONGCAI, DEPUTY CHIEF ECONOMIST CHINA CENTER FOR INTERNATIONAL ECONOMIC EXCHANGES "China has been shifting from being the world's factory to a world market. Despite the rising tide of global trade protectionism, overseas investors still flock to the Chinese market. On one hand, it's because of its increasingly favorable business environment - and more importantly, the great potential of the Chinese market."

As policies become friendlier to overseas suppliers, consumers will also benefit - even if it's just from a bottle of soda.

SUN TIANYUAN BEIJING "Before 1978, a bottle of this American soda was considered an exotic luxury. You could only find it at one of these stores. The Friendship Store catered exclusively to diplomats and expats, and purchases were made in foreign exchange certificates. Now Coca-Cola has at least 29 factories in China. And you can buy a bottle like this at any corner shop for only 3 yuan, which is a little over 40 US cents."

The shine has come off of the Friendship Stores. Chinese consumers are now looking at thousands of products grown or made across the globe. From American soda to French wines, from Chilean cherries to Australian beef, with the rise of cross-border E-commerce, all it takes is one click for one-day home delivery.

DR. XU HONGCAI, DEPUTY CHIEF ECONOMIST CHINA CENTER FOR INTERNATIONAL ECONOMIC EXCHANGES "China's further opening-up and globalization is good news for the world economy. It will provide jobs and opportunities and inject impetus for global growth."

In the next 15 years, China will import 24 trillion dollars' worth of goods. To satisfy this huge appetite, the government is opening the gates.

STEPHEN PERRY, CHAIRMAN 48 GROUP CLUB "The commitment of China to maintain its imports and increase its imports is of enormous importance to European business."

In November, the International Import expo will be held in Shanghai. More than 2,800 enterprises have signed up to follow the money. STY, CGTN, BEIJING.