Since opening its economy to the West in the late 1970s, China has experienced rapid growth. For 2012, China's GDP is estimated at US$8,127.0 billion. While this makes China one of the world's largest economies, the sheer size of the population means that per capita wealth is relatively low, at around US$6,120 in 2012.
For the 2012-17 period, Espicom estimates market growth to be in the region of 20.2% per year; one of the fastest growing markets in the world. High rates of growth are not uncommon in the Asian region, but on the back of a huge market size, China's growth is particularly pronounced.
Latest annual data to December 2011 show that imports have grown very strongly during the period, rising by 26.6% to reach US$8,552.1 million. All product categories posted strong growth during the period, with consumables leading the way with a rise of 30.4% over the previous year. All other categories achieved over twenty-percent rises during the period except for orthopaedic products, which still achieved an impressive 14.4% rise over 2010.
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