China Sector Analysis: Consumer Discretionary
For decades, investors have been attracted to China's impressive growth story. Yet as China's economy matures, its potential growth opportunities are becoming more narrowly concentrated in specific areas and themes. Among the most powerful are those areas tied to the rising impact of China's consumers, who have experienced years of high wage growth, migration into cities, and an expansion of internet connectivity. The government has also made consumption a priority as the economy transitions away from export-led industries. As a result, China's middle class, which is larger than the entire