US firms eager to capitalize on China’s burgeoning demand for premium consumer goods

In remarks to a forum on global consumption innovation during the CICPE on Tuesday, Matthew Margulies, senior vice president of China operations for the US-China Business Council, said that China has a huge consumer market and US firms are hoping for a slice of the market's growth opportunities. "China offers a $5 trillion consumption growth opportunity over the next decade," per findings of a report from the McKinsey Global Institute in July 2021.