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affecting OR CONSUMPTION OF GOODS IN CHINA HIGH-END FOR THE FIRST TIME IN MORE THAN ONE OF U.S. AND EU

FROM "Il Corriere della Sera on January 22, 2010

OF FREDERICK FUBINI

For some it was the big culprit of the financial crisis and the 'impoverishment of the middle classes, from the Midwest to the Northeast, because of what did not. China exports, it did not matter. Produced, but does not include consuming the products of others. The proverbial avarice of the Asian giant, whose 2400 billions of dollars of reserves are the 'emblem, would compromise the balance of the' global economy and the European welfare as much as his aggression merchant. If that was the 'established idea, now maybe it's about to change. The new importance of China could emerge in a rather odd overtaking, scored during the toughest recession in the market for luxury goods demand the People's Republic has overtaken that of Europe and America combined.
not necessarily be sustainable in a pass time, because consumers in advanced countries will be back sooner or later to rise. But the calculations, rebounded yesterday on the "Global Strategy Conference 2010" at Goldman Sachs in Palazzo Mezzanotte, are certainly the light of a more general trend. For many consumer goods, China is rapidly becoming the first or one of the first buyers in the world and not just a low-cost provider: 's exit from the crisis has also revolutionized this hierarchy. Shopping primarily concerns the status symbol of the new middle classes: cars, televisions next generation, the 'consumer electronics.

Goldman Sachs note so that emerging Asia is now the point of delivery by 43% of all mobile phones that are sold in the world (Europe 13%, U.S. 12% Japan 5% ). As for the personal computer, emerging Asia now accounts for 28% of world demand while Japan has 5% and 'Europe and the United States both traveling at 23%.

Even on LCD TVs trends traveling around the same size and sorprasso of China on the United States as the first car market is no longer just a statistical curiosity: For General Motors, whose sales rose in the People's Republic of by 66% and 30% collapsed in America, is a promise of rebirth.

The result is that retail sales in the new Asian giant rose by more than 60 million dollars from the 'beginning of 2007 to the end of 2009. In those three years, marked by the great recession in the United States have fallen by forty miliaardi.

China So have the ability to become a locomotive of global growth, no longer a threat to living standards of the countries of the (dissolved) G7. In truth his work has already begun to drop: from 2000 to 2008 has already contributed nearly 20% of global demand and growth, more than it did Euroland. The big question in the coming years is therefore not whether China will more or not to buy products from the rest of the world. And 'how to produce something that the Chinese want to buy. But for the 'Italy, until 2008, only 7% of' exports were directed towards emerging countries.

FEDERICO FUBINI