1964-2017, read the historical evolution of the US "consumption upgrade"
China’s consumption upgrade: a reenactment of American history?
Before drawing on the experience of the United States, we must first clarify which historical stage of China is equivalent to the United States. According to the well-known country comparison database Maddison Project Database (2018), China’s per capita GDP in 2016 was 12,000 US dollars, which is equivalent to the US 1941 level. According to the statistics of China’s statistical departments, as the representative of developed regions in China, the per capita GDP of Shanghai in 2016 is 2.16 times of the national level. According to this calculation, the per capita GDP of Shanghai in 2016 is equivalent to the level of the United States in 1973, that is, the development level of Shanghai. About 30 years ahead of the national average.
From the perspective of large-scale consumption, the proportion of non-durable goods consumption in the United States decreased first and then stabilized. The proportion of durable goods consumption stabilized after a slow decline in successive years, and the proportion of service consumption rose first and then stabilized. At present, although the income of American residents is still growing in recent years, the consumption structure has not changed much. It seems to have reached a stable state. The consumption of non-durable goods, durable goods and services is roughly 2:1:7.
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