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Wait -- Don't Tell Me Chinese Don't Consume

By Ha Jiming, chief economist for China International Capital Corp. Ltd.

China has experienced rapid growth in household consumption in recent years, with consumer performance far exceeding that in each of the world's 10 largest consumer countries.

By comparison, China's consumption is growing faster than what was seen in any other country during a phase of rapid industrialization. Japan's household consumption grew 9.2 percent annually during the 1970s, while South Korea's grew 8 percent every year? during the 1980s. But between 1999 and 2008, China's household consumption grew at an annual rate of 12.1 percent.

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