A Boeing B787-9 Dreamliner of Shanghai Airlines, a subsidiary of China Eastern Airlines, arrives at Liszt Ferenc International Airport in Budapest, Hungary, June 7, 2019. China's rapidly expanding consumer market offers a strong link between China and the world, as well as a huge opportunity for international businesses, said a report released by McKinsey Global Institute. By 2030, the report revealed 58 percent of Chinese households are likely to be in the mass-affluent category or above, and the spending of urban Chinese consumers is converging with that of their counterparts in cities around the world. China's consumer markets are already heavily integrated with the world and penetration by multinational corporations is considerable. Across the 10 large consumer categories, their average penetration was 40 percent in 2017, compared with just 26 percent in the United States. Despite discussion about a "consumption downgrade," McKinsey's 2018 Global Consumer Sentiment Survey showed that 26 percent of Chinese respondents were trading up overall, compared with 17 percent in 10 other top economies. (Budapest Liszt Ferenc International Airport/Handout via Xinhua)

China's rapidly expanding consumer market offers a strong link between China and the world, as well as a huge opportunity for international businesses, said a report released by McKinsey Global Institute.

By 2030, the report revealed 58 percent of Chinese households are likely to be in the mass-affluent category or above, and the spending of urban Chinese consumers is converging with that of their counterparts in cities around the world.

China's consumer markets are already heavily integrated with the world and penetration by multinational corporations is considerable. Across the 10 large consumer categories, their average penetration was 40 percent in 2017, compared with just 26 percent in the United States.

Despite discussion about a "consumption downgrade," McKinsey's 2018 Global Consumer Sentiment Survey showed that 26 percent of Chinese respondents were trading up overall, compared with 17 percent in 10 other top economies.

McKinsey estimates that services are the next frontier for competition leading to higher quality, since Chinese service sectors still lag behind other countries with productivity of only 20 to 50 percent of the OECD average, the report said.

China's increasing flows of people -- particularly students and tourists -- is an expanding business opportunity for businesses in destination countries, so companies can take advantage of such trends by adapting to Chinese tastes.

Flower petals are cut by da Vinci Xi Surgical System during a demonstration at the Medical Equipment & Health Care Products area of the first China International Import Expo (CIIE) in Shanghai, east China, Nov. 8, 2018. China's rapidly expanding consumer market offers a strong link between China and the world, as well as a huge opportunity for international businesses, said a report released by McKinsey Global Institute. By 2030, the report revealed 58 percent of Chinese households are likely to be in the mass-affluent category or above, and the spending of urban Chinese consumers is converging with that of their counterparts in cities around the world. China's consumer markets are already heavily integrated with the world and penetration by multinational corporations is considerable. Across the 10 large consumer categories, their average penetration was 40 percent in 2017, compared with just 26 percent in the United States. Despite discussion about a "consumption downgrade," McKinsey's 2018 Global Consumer Sentiment Survey showed that 26 percent of Chinese respondents were trading up overall, compared with 17 percent in 10 other top economies. (Xinhua/Liu Dawei)

Robotic arms of Japanese manufacturing company Nachi-Fujikoshi Corp. simulate assembling a car at the first China International Import Expo (CIIE) in Shanghai, east China, Nov. 6, 2018. China's rapidly expanding consumer market offers a strong link between China and the world, as well as a huge opportunity for international businesses, said a report released by McKinsey Global Institute. By 2030, the report revealed 58 percent of Chinese households are likely to be in the mass-affluent category or above, and the spending of urban Chinese consumers is converging with that of their counterparts in cities around the world. China's consumer markets are already heavily integrated with the world and penetration by multinational corporations is considerable. Across the 10 large consumer categories, their average penetration was 40 percent in 2017, compared with just 26 percent in the United States. Despite discussion about a "consumption downgrade," McKinsey's 2018 Global Consumer Sentiment Survey showed that 26 percent of Chinese respondents were trading up overall, compared with 17 percent in 10 other top economies. (Xinhua/Ding Ting)

Visitors view helicopters displayed at the first China International Import Expo (CIIE) in Shanghai, east China, Nov. 10, 2018. China's rapidly expanding consumer market offers a strong link between China and the world, as well as a huge opportunity for international businesses, said a report released by McKinsey Global Institute. By 2030, the report revealed 58 percent of Chinese households are likely to be in the mass-affluent category or above, and the spending of urban Chinese consumers is converging with that of their counterparts in cities around the world. China's consumer markets are already heavily integrated with the world and penetration by multinational corporations is considerable. Across the 10 large consumer categories, their average penetration was 40 percent in 2017, compared with just 26 percent in the United States. Despite discussion about a "consumption downgrade," McKinsey's 2018 Global Consumer Sentiment Survey showed that 26 percent of Chinese respondents were trading up overall, compared with 17 percent in 10 other top economies. (Xinhua/Chen Fei)

Consumers select food at a supermarket in Shanghai, east China, April 15, 2019. China's rapidly expanding consumer market offers a strong link between China and the world, as well as a huge opportunity for international businesses, said a report released by McKinsey Global Institute. By 2030, the report revealed 58 percent of Chinese households are likely to be in the mass-affluent category or above, and the spending of urban Chinese consumers is converging with that of their counterparts in cities around the world. China's consumer markets are already heavily integrated with the world and penetration by multinational corporations is considerable. Across the 10 large consumer categories, their average penetration was 40 percent in 2017, compared with just 26 percent in the United States. Despite discussion about a "consumption downgrade," McKinsey's 2018 Global Consumer Sentiment Survey showed that 26 percent of Chinese respondents were trading up overall, compared with 17 percent in 10 other top economies. (Xinhua/Chen Fei)

A child looks at alpaca models at the booth of Peru at the first China International Import Expo (CIIE) in Shanghai, east China, Nov. 9, 2018. China's rapidly expanding consumer market offers a strong link between China and the world, as well as a huge opportunity for international businesses, said a report released by McKinsey Global Institute. By 2030, the report revealed 58 percent of Chinese households are likely to be in the mass-affluent category or above, and the spending of urban Chinese consumers is converging with that of their counterparts in cities around the world. China's consumer markets are already heavily integrated with the world and penetration by multinational corporations is considerable. Across the 10 large consumer categories, their average penetration was 40 percent in 2017, compared with just 26 percent in the United States. Despite discussion about a "consumption downgrade," McKinsey's 2018 Global Consumer Sentiment Survey showed that 26 percent of Chinese respondents were trading up overall, compared with 17 percent in 10 other top economies. (Xinhua/Zhang Jiayang)

A jewelry necklace is displayed at the Apparel, Accessories & Consumer Goods area of the first China International Import Expo (CIIE) in Shanghai, east China, Nov. 9, 2018. China's rapidly expanding consumer market offers a strong link between China and the world, as well as a huge opportunity for international businesses, said a report released by McKinsey Global Institute. By 2030, the report revealed 58 percent of Chinese households are likely to be in the mass-affluent category or above, and the spending of urban Chinese consumers is converging with that of their counterparts in cities around the world. China's consumer markets are already heavily integrated with the world and penetration by multinational corporations is considerable. Across the 10 large consumer categories, their average penetration was 40 percent in 2017, compared with just 26 percent in the United States. Despite discussion about a "consumption downgrade," McKinsey's 2018 Global Consumer Sentiment Survey showed that 26 percent of Chinese respondents were trading up overall, compared with 17 percent in 10 other top economies. (Xinhua/Li He)

People visit the first China International Import Expo (CIIE) in Shanghai, east China, Nov. 5, 2018. China's rapidly expanding consumer market offers a strong link between China and the world, as well as a huge opportunity for international businesses, said a report released by McKinsey Global Institute. By 2030, the report revealed 58 percent of Chinese households are likely to be in the mass-affluent category or above, and the spending of urban Chinese consumers is converging with that of their counterparts in cities around the world. China's consumer markets are already heavily integrated with the world and penetration by multinational corporations is considerable. Across the 10 large consumer categories, their average penetration was 40 percent in 2017, compared with just 26 percent in the United States. Despite discussion about a "consumption downgrade," McKinsey's 2018 Global Consumer Sentiment Survey showed that 26 percent of Chinese respondents were trading up overall, compared with 17 percent in 10 other top economies. (Xinhua/Meng Dingbo)

People walk in the exhibition hall of the 125th China Import and Export Fair in Guangzhou, south China's Guangdong Province, April 15, 2019. China's rapidly expanding consumer market offers a strong link between China and the world, as well as a huge opportunity for international businesses, said a report released by McKinsey Global Institute. By 2030, the report revealed 58 percent of Chinese households are likely to be in the mass-affluent category or above, and the spending of urban Chinese consumers is converging with that of their counterparts in cities around the world. China's consumer markets are already heavily integrated with the world and penetration by multinational corporations is considerable. Across the 10 large consumer categories, their average penetration was 40 percent in 2017, compared with just 26 percent in the United States. Despite discussion about a "consumption downgrade," McKinsey's 2018 Global Consumer Sentiment Survey showed that 26 percent of Chinese respondents were trading up overall, compared with 17 percent in 10 other top economies. (Xinhua/Liang Xu)

Traders talk business during the 125th China Import and Export Fair in Guangzhou, south China's Guangdong Province, April 15, 2019. China's rapidly expanding consumer market offers a strong link between China and the world, as well as a huge opportunity for international businesses, said a report released by McKinsey Global Institute. By 2030, the report revealed 58 percent of Chinese households are likely to be in the mass-affluent category or above, and the spending of urban Chinese consumers is converging with that of their counterparts in cities around the world. China's consumer markets are already heavily integrated with the world and penetration by multinational corporations is considerable. Across the 10 large consumer categories, their average penetration was 40 percent in 2017, compared with just 26 percent in the United States. Despite discussion about a "consumption downgrade," McKinsey's 2018 Global Consumer Sentiment Survey showed that 26 percent of Chinese respondents were trading up overall, compared with 17 percent in 10 other top economies. (Xinhua/Liang Xu)