China's economy is indeed struggling through a significant structural transition, and consumption isn't rising as fast as it did during the peak boom years. But make no mistake: although the pace is slower and the course is bumpier, consumption growth is still tracing a staggering trajectory. China's consumer economy is projected to expand by about half, to $6.5tr, by 2020 - even if annual real GDP growth cools to 5.5 percent, below the official target. The incremental growth of $2.3tr alone over the next five years would be comparable to adding a consumer market 1.3 times larger than that of today's Germany or UK.
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