CHINESE MARKET GROWING
By Adnews Staff
Canadian companies need to begin selling their products in China, Deloitte & Touche Consulting Group China specialist Conghua Li says in a release. The remarks were made after a Deloitte study showed that China's consumer market will be larger than the U.S. and Western Europe's within four years. The level of income for people in China will rise above $6,000(US) for 450 million, and above $18,000 for over 100 million, by the year 2000. Currently, 150 million people in China have incomes of $3000(US )or more. The study also found that you don't have to be big to be successful in China. Lassonde Group of Montreal has 15% of the juice market in the city of Beijing through its joint venture with Beijing Oasis. Its production has increased six-fold from a year ago and the company is now in 21 Chinese cities. French cognac maker Martell Ltd. generates two-thirds of its global annual sales from mainland China. Procter & Gamble of Cincinnati has gained over 50% of the shampoo market in major Chinese cities with its three brands: Head & Shoulders, Pantene and Rejoice. The study also notes that many Western companies are not doing well in China because the market is so challenging. Deloitte is based in Toronto.