As the old Chinese saying goes, a hero is known in the times of misfortune (Luan Shi Chu Ying Xiong). China has, in the past year, passed several milestones while much of the rest of the world still struggles with economic recoveries.
I compiled the following list of important facts about the latest economic trends in China and global power shift.1. China's Gross Domestic Product (GDP) resumed double digit growth in the fourth quarter of 2009.
The country easily beat its 8 percent annual growth target - a goal deemed the minimum needed to create jobs and preserve social stability - and grew 8.7 percent for all of 2009, instilling confidence in industries and consumers.
2. China has officially become the world's largest auto market.
Auto sales reached 12.64 million units in 2009, a nearly 50 percent increase over 2008. For auto makers and suppliers, the next four years may not witness the same neck-breaking growth rate, but China will continue to dominate the emerging economies and outstrip mature markets.
3. For the first time since 1987, China's rural consumption growth outpaced urban consumption growth in 2009.
This is largely due to the subsidies and trade-in programs for purchases of cars, appliances and electronics in the vast rural market. These product categories use a good amount of plastic parts and components, helping the plastics industry offset the sharp decline of exports.