According to chinadaily.com, Michael Ouyang, CEO of the China office with the World Luxury Association (WLA) has said that 340 luxury brands, or 85 percent of the world's total, are available in the Chinese market.
A WLA report this year predicts that China, currently the world's second largest luxury market, will overtake Japan as the largest next year.
Over the 2005-2010 period, China's urbanization process sped up, with its economy growing at an annualized rate of 11.2 percent, well above the global average level. Its per capita GDP exceeded $4,000. During the period, Shanxi's GDP also more than doubled the previous five years'.
Source: chinadaily.com
