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China in 2011 became the world No.1 in terms of food consumption, overtaking the United States, according to the British think tank IGD. As noted in a press release by IGD, it is yet another signal that Chinese consumers are changing the picture of the world. IGD believes that by 2015 India, Russia and Brazil will also join the top five.
Sales of food products in Chinese supermarkets amounted to 607 billion pounds (970 billion dollars) last year, whereas in the U.S. the figure was 913.5 billion dollars.
With such relatively small differences in the capacity of the market, comparing to the population in the United States which is four times less than in China. But it’s not the case that Americans are eating more, the fact is that many food products in China are much cheaper.
Analysts IGD predicts that over time the difference in the cost of food will only increase, by 2015 the volume of the food market in China will amount to 1.47 trillion dollars compared to 1.08 trillion dollars in the U.S.. At the same time the IGD takes into account that economic growth in China is expected to slow down.
The growth of Chinese economy in 2012 will amount to 7% in mid-March, said the Ernst & Young managing partner in the CIS, Karl Johansson. He does not share the view that China’s economy is in a “hard landing”.
“But that does not mean that there will be no problems on the road to economic growth. However, the Chinese government has shown itself very professional in dealing with these problems,” – said Johansson. He also said he did not agree with the view of experts who speak about the “hard landing” of China’s economy is irreversible.
Earlier, Chief Asian and emerging market strategist of JPMorgan Chase Co, Adrian Movat, said that China’s economy is already in a state of so-called “hard landing”.
In his opinion, fact suggests the fall of car sales, reduced production of cement and steel, depreciation developers’ stock.
“It must be wary of what’s happening in real estate market in China, – he stressed. – Investors are overly confident that the government can make a difference in this market.”