With rising costs of labor and land in first-tier cities, manufacturing has moved into second-tier cities and continued into the lower tiers.Government reforms have helped fuel this development.At the same time, technological advances in manufacturing are leading to higher quality standards and lower labor costs, allowing China to meet the increasing demands of the global and domestic markets.
Another major economic turning point was China’s 2001 acceptance into the World Trade Organization, which removed trade barriers and created a larger market for Chinese goods. Since 1953, the government has issued a series of five-year plans outlining economic and social strategies.
They were transferred to China in 19, respectively, under the “one China, two systems” policy.
By virtue of their SAR status, Hong Kong and Macau enjoy a high degree of autonomy.
Although the explosive growth of the last three decades is predicted to slow, domestic consumption and discretionary spending is expected to rise.
These trends, along with rapid urbanization, a burgeoning middle class, and a younger generation of sophisticated shoppers, signals exciting opportunities for China and the global gem and jewelry industry.
Chinese consumers are becoming more knowledgeable about gemstones and jewelry and more astute in their purchases.