China's unpatriotic consumers

At home, investment outpaces consumption; but abroad, wealthy Chinese are snapping up made-in-China products that are cheaper than at home.

China's unpatriotic consumers
Chinese tourists spent $69 billion on their travels last year (Eyepress News)

As a share of China’s overall economy, domestic consumption has been on a declining trend for the past few years. At the same time, the country’s outbound tourists are increasingly spending more overseas.

Last year, Chinese shoppers spent Rmb300 billion $47.5 billion on goods in overseas markets through China UnionPay, China’s national debit card system. That was a 66.7% jump from the Rmb180 billion spent in 2010, according to Su Ning, chairman of Union...

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