Chapter 2: China in the Mass Consumption Stage

More than a decade ago, it was a status symbol for a family to have a house, a car, a mobile phone, and a computer; however, by the mid-2000s, these goods had become common people's “durable goods in daily life”. Since then, televisions, refrigerators, and washing machines have entered most households. China's per capita gross domestic product (GDP) entered the rank of medium low-income countries, urban and rural residents' Engel's coefficient fell to about 34%, and housing and cars became widely available. This transformation symbolized China's entry to an economy of mass consumption…