Albany, NY -- (SBWire) -- 09/23/2019 --China is buoyed by robust economic growth fueled by poverty reduction and soaring prosperity in an exponential scale with cities undergoing seismic changes in the urban center of economic gravity. China's lesser known mega cities such as Hangzhou, Chengdu, and Wuhan are set to be as pivotal as Seoul and Dallas in economic terms. However, China's economic growth plunged to its lowest level in nearly three decades as the world's second largest economy feels the heat of a trade war with the U.S. China's GDP grew at 6.2% in the second quarter of 2019, the slowest quarterly growth rate ever since 1992, according to government figures. These insights are according to the intelligence report, titled, "Living in Lower Tier Cities—China—July 2019," which has been freshly added to Market Research Hub's (MRH) ever-expanding armamentarium.
With China embarking on economic reforms four decades ago, its biggest cities have been leading the charge in the country's economic development. As such, Tier-1 cities such as Shanghai and Beijing became hub of development and urbanization as compelling enhancements in infrastructure in these cities underpinned growing industries and emboldened employment opportunities.
Flourish of lower-tier cities will potentially provide momentum to China's consumption sector. Consumption in lower-tier cities is set to fuel overall consumption growth as the growth is outdoing those in tier-1 cities.
China's population are more inclined living in lower-tier cities as this change is facilitating the consumer sector to excel in lower-tier cities. With relaxation of the one-child policy and affordable cost of living, fertility rates have been higher in lower-tier cities. Besides, policy initiatives such as flexible household registration system has provided impetus to consumer sector in lower-tier cities.
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Living in Lower Tier Cities—China—July 2019: Report Content
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Living in Lower Tier Cities—China—July 2019: Research Methodology
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Living in Lower Tier Cities-China-July 2019: Flourishing Lower-Tier Cities Provide Impetus to Consumption Sector