China's economic might continues to astound the world. It safely navigated though the dark days of the global meltdown to emerge as the world's second-largest economy, behind the United States.
The country's GDP was US$4.99 trillion last year, and its purchasing power parity was US$8.77 trillion. Its economy continues to expand, notching up an average growth rate of 10 per cent for the past three decades. And China is also the world's second-largest trading nation, its largest exporter, and the second-largest importer.
It now has a new and financially powerful middle class, who are making their presence felt throughout the country.
It was a major sign of China's progress that an international forum on urban competitiveness was staged in Nanjing earlier this year. A worldwide survey of major cities, looking at criteria such as carbon emissions, economic output, the number of patent applications held, and many other factors, put Shanghai in the top 40 of 500 cities for the first time. Other major metropolises, such as Beijing and Shenzhen, just missed the top 40. And cities that had previously received little attention, such as Erdos, Hohhot, Quanzhou and Xuzhou, climbed up the rankings significantly.
Indicators are particularly favourable in the hotel sector thanks to the emerging middle classes who now have more disposable income.
'We have seen business grow by 40 per cent on the mainland compared with the first half of 2009,' says Sarah Chen Yen-ching, vice-president of sales and marketing for Shangri-La Hotels and Resorts.
