Through its astonishing economic growth, China has outnumbered the United States and become the world's largest middle-income nation, China is transforming from world factory to world market.

However, the increase in demand and income alone is not enough.

As detailed in our earlier analysis, the research team at ANBOUND Consulting has said that the transformation into consumer society is no less than a revolution; China is now undergoing various market-based reforms, ranging from the upgrading of government service, improving the supply sides and enhancing social security level.

From this perspective, China still has a long way to go before it turns into consumer society and ultimately a big consumer country.