A new survey of China’s wealthiest people flips the notion of China as an export-driven economy on its head.
95% of the richest Chinese found in the latest Hurun Report made their money not by selling products to foreigners, but rather by selling products domestically — to the Chinese consumer. Under 5% of China’s richest (ie. those with $150 million or more) are dependent on exports for their wealth.
The list of 10 richest Chinese shows the same phenomenon, with mostly businesses focused domestic consumption :
China’s export economy may be enormous in terms of revenue, but this wealth report says the real Chinese money is made selling to local Chinese. So while the Chinese economy may seem export-dependent on a revenue basis (ie. on a GDP basis), from a profits perspective maybe China’s economy is far more self-sustaining than it appears.
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