Supermarket & Hypermarket Retailing in China 2009: A Market Analysis

Supermarket & Hypermarket Retailing in China 2009: A Market Analysis published by Access Asia in May, 2009. This report consists of 231 pages and the price starts from US $ 1650.

Introduction

Abstract

REPORT COVERAGE

This report covers the supermarket and hypermarket retailing industry in the People' s Republic of China, including breakdown of market by store size.

KEY REPORT FEATURES

This recently updated report includes:

• The total, regional and sector value for retail sales, including urban/rural and food/non-food splits, up to the end of 2008;
• Statistical data on leading retailer market shares by sales in China up to 2008;
• Market data for each key provincial and urban region, in terms both of volume retail trade and the value of the local economy, up to 2008;
• Value forecast retail market, up to 2013;
• Key current issues , and discursive analysis of the key factors affecting the market;
• The domestic industry examined by key statistical indicators, including number of outlets and turnover, by sector and by key city;
• SWOT analysis
• Profiles of the leading supermarket companies active in China, with financial data up to 2008 in most cases.
• Overview of China' s demographics and macroeconomics.

Executive Summary

Based upon our recalculations of retail sales, and based upon the growth in individual retail sectors as well as more recent macro-economic re-evaluations, Access Asia estimates that between 1999 and 2008, China' s total retail market grew 280.94% in current terms to RMB8.50trn - representing a compound annual growth rate (CAGR) of 16.02% over that period.

China' s supermarket industry continues to develop rapidly. New chain store networks are emerging outside the top three cities of Beijing, Guangzhou and Shanghai as retailers extend their reach into many second- and third-tier cities. There is beginning to be aggressive consolidation in the market, as larger operators swallow up smaller players.

Foreign supermarket and hypermarket chains, such as Carrefour, have already entered the market, but room for expansion in the tier-one cities is now limited. Much more attention is now being focused, by both foreign and domestic chains, on outlying suburbs, as well as provincial new towns and cities and now even rural areas. However, growth is hampered by bottlenecks and underdevelopment in the distribution infrastructure.

Also, although consumer incomes and spending have grown significantly, average purchases are still very small, and margins remain tight making growth investment difficult without outside investment. China' s total supermarket industry, based upon our own estimates themselves based largely on company and China Chain Store and Franchise Association data, comprised about 45,587 stores in 2008, with total retail sales valued at RMB710.47bn, this representing about 12.2% of the total value of the retail market in China in 2008.

Table of Contents

INTRODUCTION 1

• Report Coverage1
• Abbreviations Used1

1 NATIONAL SUPERMARKET RETAIL MARKET 3

• 1.1 Overview3
• 1.2 Supermarkets: Defining The Potential Market4
• 1.2.1 Defining The Potential Market: So, How Big is the Consumer Market?4
• 1.2.2 Defining The Potential Market: The Mythical Chinese Middle Class5
  • Table 1.1MIDDLE AND UPPER INCOME HOUSEHOLDS IN CHINA, 1995/2000/2005/2010/20155
  • Table 1.2TOTAL CONSUMPTION BY MIDDLE AND UPPER INCOME HOUSEHOLDS, 2005/2010/20156
  • Table 1.3CONSUMPTION BY MIDDLE AND UPPER INCOME HOUSEHOLDS & % OF TOTAL HOUSEHOLDS, 1995/2000/2005/2010/20157
• 1.3 The Supermarket Industry Significance9
• 1.3.1 The Supermarket Industry Significance: Macroeconomic Context9
  • Table 1.4RETAIL SALES AS A % OF GDP, 2002-200810
• 1.3.2 The Supermarket Industry Significance: The Total Value of the Retail Market in China10
  • Table 1.5TOTAL RETAIL CURRENT MARKET VALUE, 1999-200811
  • Table 1.6TOTAL RETAIL CONSTANT MARKET VALUE, 1999-200811
  • Table 1.7PER CAPITA CURRENT VALUE RETAIL MARKET, 1999-200812
• 1.3.3 The Supermarket Industry Significance: Developing Domestic Consumption12
• 1.3.4 The Supermarket Industry Significance: What Is The Definition of a Supermarket in China?14
• Nobody Really Knows How Many Shops There Are In China14
• Nobody Really Knows How Many Shop Assistants There Are In China15
• Problems With Definitions Of Retail Sectors15
• 1.3.5 The Supermarket Industry Significance: Total Retail Industry Above the Government Statistics Threshold16
  • Table 1.8TOTAL RETAIL INDUSTRY ABOVE THE GOVERNMENT STATISTICS THRESHOLD, 2002-200817
• 1.3.6 The Supermarket Industry Significance: The Total Retail Industry17
  • Table 1.9THE TOTAL RETAIL INDUSTRY STRUCTURE, 2002-200818
• 1.3.7 The Supermarket Industry Significance: Supermarket Significance Within the Total Retail Industry18
  • Table 1.10SUPERMARKET SIGNIFICANCE WITHIN THE TOTAL RETAIL INDUSTRY, 2002-200819
• 1.4 Supermarket Industry Overall Structure19
• 1.4.1 Supermarket Industry Overall Structure: Above the Official Benchmark19
  • Table 1.11SUPERMARKET TOTAL OUTLETS, FLOOR SPACE, STAFF, SALES & PROFITS FOR CHAIN STORES ABOVE THE GOVERNMENT STATISTICAL THRESHOLD, 2002-200819
  • Table 1.12SUPERMARKET AVERAGE OUTLET FLOOR SPACE & STAFF FOR CHAIN STORES ABOVE THE GOVERNMENT STATISTICAL THRESHOLD, 2002-200820
  • Table 1.13SUPERMARKET AVERAGE OUTLET SALES FOR CHAIN STORES ABOVE THE GOVERNMENT STATISTICAL THRESHOLD, 2002-200820
  • Table 1.14SUPERMARKET AVERAGE OUTLET NET PROFITS FOR CHAIN STORES ABOVE THE GOVERNMENT STATISTICAL THRESHOLD, 2002-200820
• 1.4.2 Supermarket Industry Overall Structure: The Official Benchmark & Beyond20
  • Table 1.15SUPERMARKET TOTAL OUTLETS, FLOOR SPACE, STAFF, SALES & PROFITS FOR CHAIN STORES ABOVE & BELOW THE GOVERNMENT STATISTICAL THRESHOLD, 2002-200821
  • Table 1.16SUPERMARKET AVERAGE OUTLET FLOOR SPACE & STAFF FOR CHAIN STORES ABOVE & BELOW THE GOVERNMENT STATISTICAL THRESHOLD, 2002-200821
  • Table 1.17SUPERMARKET AVERAGE OUTLET SALES FOR CHAIN STORES ABOVE & BELOW THE GOVERNMENT STATISTICAL THRESHOLD, 2002-200822
  • Table 1.18SUPERMARKET AVERAGE OUTLET NET PROFITS FOR CHAIN STORES ABOVE & BELOW THE GOVERNMENT STATISTICAL THRESHOLD, 2002-200822
• 1.5 Supermarket Industry Sectors By Size22
• 1.5.1 Supermarket Industry Sectors By Size: Size Definitions & Averages22
  • Table 1.19ESTIMATED AVERAGE SUPERMARKET OUTLET SALES, PROFITS, SIZE & STAFF (INCLUDING STORES BELOW THE GOVERNMENT STATISTICAL THRESHOLD) BY BROAD SIZE CLASS OF STORE, 2002-200823
• 1.5.2 Supermarket Industry Sectors By Size: Outlets23
  • Table 1.20ESTIMATED SUPERMARKET NUMBER OF OUTLETS (ABOVE THE GOVERNMENT STATISTICAL THRESHOLD) BY BROAD SIZE CLASS OF STORE, 2002-200824
• 1.5.3 Supermarket Industry Sectors By Size: Floorspace24
  • Table 1.21ESTIMATED SUPERMARKET AREA OF FLOORSPACE (ABOVE THE GOVERNMENT STATISTICAL THRESHOLD) BY BROAD SIZE CLASS OF STORE, 2002-200825
• 1.5.4 Supermarket Industry Sectors By Size: Staff26
  • Table 1.22ESTIMATED SUPERMARKET NUMBER OF STAFF (ABOVE THE GOVERNMENT STATISTICAL THRESHOLD) BY BROAD SIZE CLASS OF STORE, 2002-200826
• 1.5.5 Supermarket Industry Sectors By Size: Sales26
  • Table 1.23ESTIMATED SUPERMARKET SALES REVENUE (ABOVE THE GOVERNMENT STATISTICAL THRESHOLD) BY BROAD SIZE CLASS OF STORE, 2002-200827
• 1.5.6 Supermarket Industry Sectors By Size: Profits27
  • Table 1.24ESTIMATED SUPERMARKET NET PROFITS (ABOVE THE GOVERNMENT STATISTICAL THRESHOLD) BY BROAD SIZE CLASS OF STORE, 2002-200828
• 1.5.7 Supermarket Industry Sectors By Size: Footfall & Basket Size28
  • Table 1.25AVERAGE SUPERMARKET CUSTOMER VISITS & BASKET VALUE (ABOVE THE GOVERNMENT STATISTICAL THRESHOLD) BY BROAD SIZE CLASS OF STORE, 2002-200830
• 1.6 Supermarket Industry By City Tier30
• 1.6.1 Supermarket Industry By City Tier: Differences by City Tier30
• 1.6.2 Supermarket Industry By City Tier: Outlets31
  • Table 1.26ESTIMATED SUPERMARKET NUMBER OF OUTLETS (ABOVE THE GOVERNMENT STATISTICAL THRESHOLD) BY CITY-TIER LOCATION, 2002-200831
• 1.6.3 Supermarket Industry By City Tier: Floorspace31
  • Table 1.27ESTIMATED SUPERMARKET FLOORSPACE (ABOVE THE GOVERNMENT STATISTICAL THRESHOLD) BY CITY-TIER LOCATION, 2002-200832
• 1.6.4 Supermarket Industry By City Tier: Staff32
  • Table 1.28ESTIMATED SUPERMARKET STAFF (ABOVE THE GOVERNMENT STATISTICAL THRESHOLD) BY CITY-TIER LOCATION, 2002-200832
• 1.6.5 Supermarket Industry By City Tier: Sales32
  • Table 1.29ESTIMATED SUPERMARKET SALES (ABOVE THE GOVERNMENT STATISTICAL THRESHOLD) BY CITY-TIER LOCATION, 2002-200833
• 1.6.6 Supermarket Industry By City Tier: Profits33
  • Table 1.30ESTIMATED SUPERMARKET PROFITS (ABOVE THE GOVERNMENT STATISTICAL THRESHOLD) BY CITY-TIER LOCATION, 2002-200833
• 1.6.7 Supermarket Industry By City Tier: Averages34
  • Table 1.31ESTIMATED AVERAGE SUPERMARKET PER OUTLET STAFF, FLOORSPACE, SALES & PROFIT (ABOVE THE GOVERNMENT STATISTICAL THRESHOLD) BY CITY-TIER LOCATION, 2002-200834
• 1.7 The Relative Potential Markets in Urban Areas35
• 1.7.1 The Relative Potential Markets in Urban Areas: The Retail Market Split35
  • Table 1.32RETAIL SALES VALUE BY HABITATION, 2002-200835
  • Table 1.33RETAIL SALES % BREAKDOWN BY HABITATION, 2002-200835
• 1.7.2 The Relative Potential Markets in Urban Areas: The Leading Commercial Cities36
  • Table 1.34LEADING CITIES KEY ECONOMIC INDICATORS, 200736
• 1.7.3 The Relative Potential Markets in Urban Areas: High Levels of Savings - Self-taxation?37
  • Table 1.35LEADING CITIES KEY HOUSEHOLD SAVINGS INDICATORS, 2006/200738
• 1.7.4 The Relative Potential Markets in Urban Areas: Urban Consumer Spending Power38
  • Table 1.36URBAN AVERAGE HOUSEHOLD EXPENDABLE INCOME, EXPENDITURE, SAVINGS & POTENTIAL EXPENDABLE INCOME AFTER BASIC OUTGOINGS, 2002-200839
• 1.7.5 The Relative Potential Markets in Urban Areas: China' s Leading Shoppers Only Spend US$5 A Day!40
  • Table 1.37US$ PER CAPITA RETAIL SALES BY TOP-, MIDDLE- & BOTTOM-SCALES, 2002-200840
• 1.7.6 The Relative Potential Markets in Urban Areas: Defining "Consuming China"40
  • Table 1.38POPULATION AND PER CAPITA GDP OF "CONSUMING CHINA", 200841
  • Table 1.39TWO COMPARATIVE ESTIMATES OF THE TOTAL SIZE AND SHAPE OF "CONSUMING CHINA", 200841
• 1.7.7 The Relative Potential Markets in Urban Areas: Quantifying "Consuming China"41
  • Table 1.40COMPARATIVE BREAKDOWN OF AVERAGE HOUSEHOLD INCOME & SPENDING IN "CONSUMING CHINA" CITIES' AGAINST TOTAL NATIONAL AVERAGE, 200842
• 1.7.8 The Relative Potential Markets in Urban Areas: The Yangzi River Delta (YRD)42
  • Table 1.41SUPERMARKET NUMBERS & TOTAL AND AVERAGE OUTLET RETAIL SALES FOR CHAIN RETAILERS ABOVE OFFICIAL STATISTICS THRESHOLD BY CITY IN THE YANGZI RIVER DELTA AREA, 2004-200743
• 1.7.9 The Relative Potential Markets in Urban Areas: The Pearl River Delta (PRD)43
  • Table 1.42SUPERMARKET NUMBERS & TOTAL AND AVERAGE OUTLET RETAIL SALES FOR CHAIN RETAILERS ABOVE OFFICIAL STATISTICS THRESHOLD BY CITY IN THE PEARL RIVER DELTA AREA, 2004-200744
• 1.7.10 The Relative Potential Markets in Urban Areas: The Beijing-Tianjin Corridor (BTC)44
  • Table 1.43SUPERMARKET NUMBERS & TOTAL AND AVERAGE OUTLET RETAIL SALES FOR CHAIN RETAILERS ABOVE OFFICIAL STATISTICS THRESHOLD BY CITY IN THE BEIJING-TIANJIN CORRIDOR REGION, 2004-200745
• 1.8 Does Rural China Have a Potential?45
• 1.8.1 Does Rural China Have a Potential?: Per-capita Sales by Province45
• Map 1.1PER CAPITA RETAIL SALES BY PROVINCE, 2000, 2007, 200846
  • Table 1.44PER CAPITA RETAIL SALES BY PROVINCE, 2002-200847
• 1.8.2 Does Rural China Have a Potential?: Rural Retailing Development Project47
• 1.9 Leading Retailers49
• 1.9.1 Leading Retailers: Top 50 FMCG Chainstore Retailers' Turnover & Stores49
  • Table 1.45CHINA' S TOP 50 FAST MOVING CONSUMER GOODS (FMCG) CHAIN-STORE RETAILERS TOTAL SALES TURNOVERS AND OUTLET NUMBERS, 200849
  • Table 1.46CHINA' S TOP 50 FAST MOVING CONSUMER GOODS (FMCG) CHAIN-STORE RETAILERS AVERAGE OUTLET SALES TURNOVER, 200850
• 1.9.2 Leading Retailers: Top-10 Foreign-invested Supermarket Retailers51
  • Table 1.47COMPARISON OF CHINA' S 10 LEADING FOREIGN-INVESTED SUPERMARKET/HYPERMARKET RETAIL CHAINS, 2004-200852
• 1.9.3 Leading Retailers: Selected Retailer Same Store Sales Growth53
  • Table 1.48SAME-STORE SALES GROWTH OF SELECTED RETAILERS, 2004-200853
• 1.9.4 Leading Retailers: Selected Listed Retailer Non-retail Revenue Significance53
  • Table 1.49OTHER REVENUE AS A % OF SELECTED LISTED RETAILERS' TOTAL REVENUE, 2004-200854
• 1.9.5 Leading Retailers: Selected Listed Retailer Net Profit Margins54
  • Table 1.50SELECTED LISTED RETAILERS' NET PROFIT MARGINS, 2004-200855
• 1.9.6 Leading Retailers: Selected Listed Retailer Operating Profit Margins55
  • Table 1.51SELECTED LISTED RETAILERS' OPERATING PROFIT MARGINS, 2004-200855
• 1.9.7 Leading Retailers: Selected Listed Retailer Gross Profit Margins55
  • Table 1.52SELECTED LISTED RETAILERS' GROSS PROFIT MARGINS, 2004-200855
• 1.9.8 Leading Retailers: Selected Listed Supermarket Retailer Gross Profit Margins56
  • Table 1.53SUPERMARKET/HYPERMARKET/WAREHOUSE STORE SELECTED LISTED RETAILERS' GROSS PROFIT MARGINS, 2004-200856
• 1.9.9 Leading Retailers: Selected Listed Retailer Supermarket Business Share of Revenue56
  • Table 1.54SUPERMARKET/HYPERMARKET/WAREHOUSE STORE SELECTED LISTED RETAILERS' REVENUE SHARES, 2004-200856
• 1.9.10 Leading Retailers: Selected Listed Supermarket Retailer Current Ratios56
  • Table 1.55CURRENT RATIO OF SELECTED RETAILERS, 2004-200857
• 1.9.11 Leading Retailers: Selected Listed Supermarket Retailer Debt-Equity Ratios57
  • Table 1.56DEBT TO EQUITY RATIO OF SELECTED RETAILERS, 2004-200858
• 1.9.12 Leading Retailers: Selected Listed Supermarket Retailer Return on Assets58
  • Table 1.57RETURN ON ASSETS OF SELECTED LISTED RETAILERS, 2004-200859
• 1.10 Retail Prices & Operational Costs59
• 1.10.1 Prices: Retail Price Indices59
  • Table 1.58AVERAGE INCOME ANNUAL GROWTH BY SECTOR, 2004 - 200760
  • Table 1.59RETAIL PRICE INDICES BY BROAD SECTOR, 2000-2008*61
• 1.10.2 Retail Prices & Operational Costs: Outlet Rent62
  • Table 1.60NATIONAL AVERAGE RETAIL PROPERTY RENTAL PRICE, 2001-200863
• 1.10.3 Retail Prices & Operational Costs: Salaries64
  • Table 1.61AVERAGE RETAIL STAFF SALARIES BY PROVINCE, 2002-200864
  • Table 1.62% ANNUAL & TOTAL GROWTH OF AVERAGE RETAIL STAFF SALARIES BY PROVINCE, 2002-200865
  • Table 1.63AVERAGE RETAIL STAFF SALARY BILL PER OUTLET, 2001-200766
• 1.10.4 Retail Prices & Operational Costs: Business Taxes66
• 1.10.5 Retail Prices & Operational Costs: Operating Costs66
  • Table 1.64LIANHUA SUPERMARKET BREAKDOWN OF OPERATIONAL COSTS, 2005-200867
  • Table 1.65THE LEADING 10 LISTED DOMESTIC RETAIL COMPANIES' BREAKDOWN OF OPERATIONAL COSTS, 2005-200867
• 1.11 Outlook68
• 1.11.1 Outlook: Forecast Trends68
• Year of the Ox: Slow and Steady68
• Costs of Operation69
• Consumer Thrift70
• Company Competition70
• Urbanisation71
• 1.11.2 Outlook: Total Market Size71
  • Table 1.66FORECAST TOTAL CONSTANT VALUE RETAIL SALES, 2009-201372
• 1.11.3 Outlook: Food/Non-food & Urban/Rural Values73
  • Table 1.67FORECAST CONSTANT VALUE RETAIL MARKET BY FOOD/NON-FOOD & URBAN/RURAL SPLITS, 2009-201373
• 1.11.4 Outlook: Food/Non-food & Urban/Rural Shares73
  • Table 1.68% BREAKDOWN OF FORECAST CONSTANT VALUE RETAIL MARKET BY FOOD/NON-FOOD & URBAN/RURAL SPLITS, 2009-201373
• 1.11.5 Outlook: Growth Rates74
  • Table 1.69ANNUAL GROWTH RATES FOR FORECAST CONSTANT VALUE RETAIL MARKET BY FOOD/NON-FOOD & URBAN/RURAL SPLITS, 2009-201374
• 1.11.6 Outlook: Supermarket Sector Measures74
  • Table 1.70FORECAST TOTAL SUPERMARKET SALES, PROFITS, SIZE & STAFF (ABOVE THE GOVERNMENT STATISTICAL THRESHOLD), 2009-201375

2 CURRENT ISSUES 76

• 2.1 Rural Retailing Development Project76
• 2.1.1 Rural Retailing Development Project: Background76
• 2.1.2 Rural Retailing Development Project: Official Standards77
  • Table 2.1STANDARDS FOR COUNTRYSIDE STORES IN VILLAGES77
  • Table 2.2STANDARDS FOR COUNTRYSIDE STORES IN TOWNS/TOWNSHIPS77
• 2.1.3 Rural Retailing Development Project: The Number of Outlets78
  • Table 2.3RURAL RETAILING PROJECT COUNTRYSIDE STORES IN VILLAGES, APRIL 200978
  • Table 2.4RURAL RETAILING PROJECT COUNTRYSIDE STORES IN TOWNS/TOWNSHIPS, APRIL 200979
  • Table 2.5RURAL RETAILING PROJECT DISTRIBUTION CENTRES, APRIL 200979
• 2.1.4 Rural Retailing Development Project: The Participating Companies80
  • Table 2.6RURAL RETAIL DEVELOPMENT PROJECT TOTAL NUMBER OF PARTICIPATING COMPANIES, 2005-200880
  • Table 2.7RURAL RETAIL DEVELOPMENT PROJECT COMPANY STRUCTURE, 200781
• 2.2 Linking the Chill Chain82
• 2.3 Private Label84
  • Table 2.8CHINA TOP-100 RETAILER' S TOTAL SALES AND PRIVATE LABEL SALES COMPARED, 2005-2009*85
• 2.4 Reducing Cost Through the Green Approach85
  • Table 2.9SUPERMARKET COST STRUCTURE, 200787
  • Table 2.10HYPERMARKET COST STRUCTURE, 200787
  • Table 2.11LIANHUA SUPERMARKET HOLDINGS COST STRUCTURE, 2005-200888
• 2.5 Linking Farmers with Retailers88
  • Table 2.12NINE COMPANIES SELECTED FOR TRIAL TO LINK FARMERS WITH SUPERMARKETS89
  • Table 2.13REASONS FOR CONSTRUCTING AGRICULTURAL PRODUCE BASES, 200789
• 2.6 Foreign Retailers Moving to Smaller Cities90
  • Table 2.14INITIAL OUTLETS OF SELECTED HYPERMARKETS/CASH & CARRY CHAIN STORES90
  • Table 2.15DISTRIBUTION OF OUTLETS OF SELECTED FOREIGN HYPERMARKETS/CASH & CARRY OPERATORS BY REGION, 200890
  • Table 2.16NUMBER OF OUTLETS OF SELECTED FOREIGN HYPERMARKETS/CASH & CARRY OPERATORS IN CHINA, 200891
  • Table 2.17CONCENTRATION OF SELECTED FOREIGN HYPERMARKETS/CASH & CARRY OPERATORS, 200892
  • Table 2.18LOCATION OF SELECTED FOREIGN HYPERMARKETS/CASH & CARRY OUTLETS IN EAST CHINA, 200893
  • Table 2.19LOCATION OF SELECTED FOREIGN HYPERMARKETS/CASH & CARRY OPERATORS' OUTLETS IN NORTH CHINA, 200894
  • Table 2.20LOCATION OF SELECTED FOREIGN HYPERMARKETS/CASH & CARRY OPERATORS' OUTLETS IN CENTRAL CHINA, 200895
  • Table 2.21LOCATION OF SELECTED FOREIGN HYPERMARKETS/CASH & CARRY OUTLETS IN NORTHWEST/WEST CHINA, 200896
  • Table 2.22LOCATION OF SELECTED FOREIGN HYPERMARKETS/CASH & CARRY OPERATORS' OUTLETS IN NORTHEAST CHINA, 200896
  • Table 2.23LOCATION OF SELECTED FOREIGN HYPERMARKETS/CASH & CARRY OPERATORS' OUTLETS IN SOUTHWEST CHINA, 200897
  • Table 2.24LOCATION OF SELECTED FOREIGN HYPERMARKETS/CASH & CARRY OPERATORS' OUTLETS IN SOUTH CHINA, 200898
• 2.7 Hypermarkets Gaining Popularity98
  • Table 2.25SHARE OF GROCERY EXPENDITURE BY TRADE FORMAT, 2001, 2004 & 200798
  • Table 2.26CONSUMER PREFERENCE FOR FRESH FOOD BY STORE FORMAT, 2005 & 200799
  • Table 2.27CONSUMER PREFERENCE FOR FOOD KEPT UNDER NORMAL TEMPERATURE BY STORE FORMAT, 2005 & 200799
  • Table 2.28CONSUMER PREFERENCE FOR CHILLED FOOD BY STORE FORMAT, 2005 & 200799

3 MARKETING & DISTRIBUTION 101

• 3.1 Marketing & Advertising101
• 3.1.1 Marketing & Advertising: Trends101
• Conventional Media Advertising101
  • Table 3.1ADVERTISING EXPENDITURE IN CHINA, 2004-2008101
• Online Advertising101
  • Table 3.2ONLINE ADVERTISING EXPENDITURE IN CHINA, 2004-2008102
• 3.1.2 Marketing & Advertising: Leading Advertised Product Categories102
  • Table 3.3TOP 10 ADVERTISING CATEGORIES IN CHINA, 2007103
• 3.1.3 Marketing & Advertising: Leading Advertised Brands103
  • Table 3.4TOP 10 ADVERTISED BRANDS IN CHINA, 2007-2008103
• 3.1.4 Marketing & Advertising: Leading Advertisers103
  • Table 3.5CHINA' S TOP TEN ADVERTISERS, 2004-2006104
  • Table 3.6CHINA' S TOP TEN ADVERTISERS, 2006-2007104
• 3.1.5 Marketing & Advertising: The Prime-time Advertising Auction104
  • Table 3.7PRIME-TIME ADVERTISING AUCTION ON CHINA' S CCTV, 2000-2009105
• 3.1.6 Marketing & Advertising: Brand Preferences Choice Factors in China105
• Age & Location105
  • Table 3.8BRAND PREFERENCES IN TERMS OF AGE GROUPS & LOCATIONS IN CHINA, 2007105
• Quality Versus Image106
  • Table 3.9FACTORS DETERMINING BRAND CHOICES IN CHINA, 2007106
• Local Versus Foreign106
  • Table 3.10BRAND PREFERENCES IN CHINA, 2007106
• "Chameleon" Brands107
  • Table 3.11TOP CHAMELEON BRANDS IN CHINA, 2008107
• 3.1.7 Marketing and Advertising in China: Brand Equity107
• 3.1.8 Marketing & Advertising: Emerging Local Brands108
  • Table 3.12CHINA' S MOST VALUABLE BRANDS, 2007/2008109
  • Table 3.13TOP 250 GLOBAL RETAILERS, FISCAL 2007109
• 3.1.9 Marketing & Advertising: Pricing Issues110
  • Table 3.14CONSUMERS WHO TRADE UP OR DOWN BY INCOME SEGMENTS, 2007110
  • Table 3.15CONSUMERS WHO TRADE UP OR DOWN BY CATEGORIES, 2007111
• 3.1.10 Marketing & Advertising: Online Sales111
  • Table 3.16PER CAPITA ONLINE SHOPPING VALUE, 2003-2008111
  • Table 3.17SITES PREFERRED BY ONLINE SHOPPERS, 2008112
  • Table 3.18TOP 10 RETAIL ITEMS ON TAOBAO.COM, 2008112
  • Table 3.19TOP ONLINE SHOPPING TRANSACTION BY REGION, 2007112
  • Table 3.20TOP REASONS FOR NOT SHOPPING ONLINE, 2007113
• 3.2 Consumers113
• 3.2.1 Consumer Profile: Broad Consumer Trends113
• 3.2.2 The Chinese Consumer: Urban Profile114
  • Table 3.21URBAN HOUSEHOLD OWNERSHIP OF MAJOR DURABLE CONSUMER GOODS, 2001-2007115
• 3.2.3 The Chinese Consumer: Rural Profile115
  • Table 3.22RURAL HOUSEHOLD OWNERSHIP OF MAJOR DURABLE CONSUMER GOODS, 2001-2007116
• 3.3 Key Sales Periods116
• 3.3.1 Key Sales Periods: Overview116
  • Table 3.23ANNUAL NATIONAL HOLIDAYS116
  • Table 3.24MAJOR HOLIDAY RETAIL SALES, 2005-2009117

4 COMPANY PROFILES 118

• 4.1 Auchan (China) Investment Co., Ltd.118
• 4.1.1 Auchan (China) Investment: Company Details118
• 4.1.2 Auchan (China) Investment: Company Background118
  • Table 4.1AUCHAN (CHINA) INVESTMENT: NUMBER OF OUTLETS IN CHINA, 2002-2008118
  • Table 4.2AUCHAN (CHINA) INVESTMENT: OUTLETS BY LOCATION, 2008119
• 4.1.3. Auchan (China) Investment: Company Results120
  • Table 4.3AUCHAN (CHINA) INVESTMENT: FINANCIAL RESULTS, 2005-2008120
• 4.2 Beijing Jingkelong Co., Ltd.120
• 4.2.1 Beijing Jingkelong: Company Details120
• 4.2.2 Beijing Jingkelong: Company Background120
  • Table 4.4BEIJING JINGKELONG: NUMBER OF OUTLETS BY RETAIL FORMAT, 2003-2008121
  • Table 4.5BEIJING JINGKELONG: NUMBER OF OUTLETS, 2003-2008121
  • Table 4.6BEIJING JINGKELONG: NET OPERATING AREA, 2006-2008122
  • Table 4.7BEIJING JINGKELONG: REVENUE BREAKDOWN & GROSS PROFIT MARGIN OF DIRECTLY-OPERATED OUTLETS, 2005-2008122
  • Table 4.8BEIJING JINGKELONG: REVENUE BREAKDOWN & GROSS PROFIT MARGIN OF WHOLESALE BUSINESS, 2005-2008122
  • Table 4.9BEIJING JINGKELONG: SAME-STORE SALES GROWTH, 2005-2008123
• 4.2.3 Beijing Jingkelong: Company Results123
  • Table 4.10BEIJING JINGKELONG: FINANCIAL RESULTS, 2004-2008*123
• 4.3 Carrefour S.A.124
• 4.3.1 Carrefour: Company Details124
• 4.3.2 Carrefour: China-based Activities124
  • Table 4.11CARREFOUR: STORES & SALES AREA IN CHINA, ASIA & ENTIRE GROUP, 1995-2008125
  • Table 4.12CARREFOUR: LOCATION OF HYPERMARKETS IN CHINA, 2008126
  • Table 4.13CARREFOUR: DIA STORES IN CHINA, 2009*127
• 4.3.3 Carrefour: Company Results129
  • Table 4.14CARREFOUR: FINANCIAL RESULTS, 2006-2008*129
  • Table 4.15CARREFOUR: CHINA QUARTERLY SALES & LIKE-FOR-LIKE SALES, 2006-1Q2009*130
• 4.4 Chia Tai Enterprises International Ltd.130
• 4.4.1 Chia Tai Enterprises International: Company Details130
• 4.4.2 Chia Tai Enterprises International: Company Background130
  • Table 4.16CHIA TAI ENTERPRISES INTERNATIONAL: NUMBER OF OUTLETS, 2003-2008131
  • Table 4.17LOTUS: CHINA OUTLETS BY LOCATION, 2008131
  • Table 4.18LOTUS: LOCATION OF STORES BY GEOGRAPHICAL REGION, 2008132
• 4.4.3 Chia Tai Enterprises International: Company Results132
  • Table 4.19CHIA TAI ENTERPRISES INTERNATIONAL: FINANCIAL RESULTS, 2004-2008*132
  • Table 4.20CHIA TAI ENTERPRISES INTERNATIONAL: SAME-STORE SALES GROWTH, 2007-2008133
• 4.5 China Resources Enterprise Ltd.133
• 4.5.1 China Resources Enterprise: Company Details133
• 4.5.2 China Resources Enterprise: Company Background133
  • Table 4.21CHINA RESOURCES ENTERPRISE: PRINCIPAL RETAIL SUBSIDIARIES & ASSOCIATES IN CHINA, END-2008134
  • Table 4.22CHINA RESOURCES ENTERPRISE: TURNOVER OF SUPERMARKET BUSINESS BY GEOGRAPHICAL REGION, 2004-2008134
  • Table 4.23CHINA RESOURCES ENTERPRISE: TURNOVER BREAKDOWN BY STORE FORMAT FOR SUPERMARKET BUSINESS, 2008134
  • Table 4.24CHINA RESOURCES ENTERPRISE: BREAKDOWN OF CR VANGUARD & SUGUO STORES IN CHINA BY STORE FORMAT, 2004-2008135
  • Table 4.25CHINA RESOURCES ENTERPRISE: BREAKDOWN OF CR VANGUARD & SUGUO STORES IN CHINA BY STORE MANAGEMENT (FRANCHISED/SELF-OPERATED), 2004-2008136
  • Table 4.26CHINA RESOURCES ENTERPRISE: NUMBER OF SUGUO, CR VANGUARD STORES, 2004-2008136
  • Table 4.27CHINA RESOURCES ENTERPRISE: CR VANGUARD STORES IN CHINA, 2006-2008137
  • Table 4.28CHINA RESOURCES ENTERPRISE: CR VANGUARD STORES BY GEOGRAPHICAL LOCATION & OWNERSHIP IN CHINA138
  • Table 4.29CHINA RESOURCES ENTERPRISE: CR VANGUARD STORES BY GEOGRAPHICAL LOCATION IN CHINA, 2006-2008138
  • Table 4.30CHINA RESOURCES ENTERPRISE: SUGUO STORES IN CHINA, 2004-2008139
  • Table 4.31CHINA RESOURCES ENTERPRISE: SUGUO STORES BY GEOGRAPHICAL LOCATION IN CHINA, 2004-2008140
  • Table 4.32CHINA RESOURCES ENTERPRISE: SAME-STORE SALES GROWTH OF SUPERMARKET BUSINESS, 2003-2008140
• 4.5.3 China Resources Enterprise: Company Results140
  • Table 4.33CHINA RESOURCES ENTERPRISE: FINANCIAL RESULTS OF SUPERMARKET BUSINESS, 2004-2008*141
• 4.6 E-Mart China141
• 4.6.1 E-Mart China: Company Details141
• 4.6.2 E-Mart China: Company Background141
  • Table 4.34E-MART CHINA: NUMBER OF OUTLETS, 2001-2008142
  • Table 4.35E-MART CHINA: BREAKDOWN OF OUTLETS, 2008142
  • Table 4.36E-MART CHINA: LOCATION OF OUTLETS, APRIL 2009142
• 4.6.3 E-Mart China: Company Results143
  • Table 4.37E-MART CHINA: FINANCIAL RESULTS, 2007-2008143
• 4.7 Lianhua Supermarket Holdings Co., Ltd.143
• 4.7.1 Lianhua Supermarket Holdings: Company Details143
• 4.7.2 Lianhua Supermarket Holdings: Company Background143
  • Table 4.38LIANHUA SUPERMARKET HOLDINGS: NUMBER OF STORES, 2000-2008144
  • Table 4.39LIANHUA SUPERMARKET HOLDINGS: NUMBER OF STORES BY PROVINCE, 2002 & 2007145
  • Table 4.40LIANHUA SUPERMARKET HOLDINGS: NUMBER OF STORES BY PROVINCE, 2008145
  • Table 4.41LIANHUA SUPERMARKET HOLDINGS: REVENUE BREAKDOWN BY SEGMENT, 2003-2008146
  • Table 4.42LIANHUA SUPERMARKET HOLDINGS: GROSS & OPERATING PROFIT MARGINS, 2003-2008146
  • Table 4.43LIANHUA SUPERMARKET HOLDINGS: SAME-STORE SALES GROWTH, 2007-2008147
• 4.7.3 Lianhua Supermarket Holdings: Company Results147
  • Table 4.44LIANHUA SUPERMARKET HOLDINGS: FINANCIAL RESULTS, 2004-2008*148
• 4.8 Lotte Mart148
• 4.8.1 Lotte Mart: Company Details148
• 4.8.2 Lotte Mart: China-based Activities148
  • Table 4.45LOTTE MART: NUMBER OF OUTLETS, 2007-2008148
  • Table 4.46LOTTE MART: BREAKDOWN OF STORES IN CHINA, MARCH 2009149
• 4.9 Mega Mart149
• 4.9.1 Mega Mart: Company Details149
• 4.9.2 Mega Mart: China-based Activities149
  • Table 4.47MEGA MART: NUMBER OF OUTLETS IN CHINA, 2001-2008149
  • Table 4.48MEGA MART: NUMBER OF OUTLETS IN CHINA, 2008149
• 4.10 Metro Jinjiang Cash & Carry Co., Ltd.150
• 4.10.1 Metro Jinjiang Cash & Carry: Company Details150
• 4.10.2 Metro Jinjiang Cash & Carry: Company Background150
  • Table 4.49METRO JINJIANG CASH & CARRY: NUMBER OF OUTLETS, 1996-2008150
  • Table 4.50METRO JINJIANG CASH & CARRY: BREAKDOWN OF OUTLETS, 2008151
• 4.10.3 Metro Jinjiang Cash & Carry: Company Results152
  • Table 4.51METRO JINJIANG CASH & CARRY: FINANCIAL RESULTS, 2003-2008152
• 4.11 Nong Gong Shang Supermarket (Group) Co., Ltd.152
• 4.11.1 Nong Gong Shang Supermarket (Group): Company Details152
• 4.11.2 Nong Gong Shang Supermarket (Group): Company Background152
  • Table 4.52NONG GONG SHANG SUPERMARKET (GROUP): NUMBER OF OUTLETS, 2003-2008152
  • Table 4.53NONG GONG SHANG SUPERMARKET (GROUP): FINANCIAL RESULTS OF KEDI, 2002-2007153
• 4.11.3 Nong Gong Shang Supermarket (Group): Company Results154
  • Table 4.54NONG GONG SHANG SUPERMARKET (GROUP): FINANCIAL RESULTS, 2003-2008154
• 4.12 RT-Mart China154
• 4.12.1 RT-Mart China: Company Details154
• 4.12.2 RT-Mart China: Company Background154
  • Table 4.56RT-MART CHINA: OUTLETS BY LOCATION, 2008155
  • Table 4.55RT-MART CHINA: NUMBER OF OUTLETS IN CHINA, 2005-2008156
• 4.12.3 RT-Mart China: Company Results156
  • Table 4.57RT-MART CHINA: FINANCIAL RESULTS, 2005-2008156
• 4.13 Shenzhen A-Best Supermarket Co., Ltd.156
• 4.13.1 Shenzhen A-Best Supermarket: Company Details156
• 4.13.2 Shenzhen A-Best Supermarket: Company Background157
  • Table 4.58SHENZHEN A-BEST SUPERMARKET: OUTLETS, 2003-2008157
• 4.13.3 Shenzhen A-Best Supermarket: Company Results157
  • Table 4.59SHENZHEN A-BEST SUPERMARKET: FINANCIAL RESULTS, 2003-2008*157
• 4.14 Tesco PLC158
• 4.14.1 Tesco: Company Details158
• 4.14.2 Tesco: China-based Activities158
  • Table 4.60TESCO: HYPERMARKET OUTLETS IN CHINA BY LOCATION, 2008159
  • Table 4.61TESCO: STORE COUNT & STORE SPACE IN CHINA, 2004/05-2009/10*159
  • Table 4.62TESCO: LOCATION OF EXPRESS STORE OUTLETS IN CHINA, APRIL 2009160
  • Table 4.63TESCO: CUSTOMERS PER WEEK/SALES PER WEEK AT CHINA OUTLETS, 2004 & 2008160
  • Table 4.64TESCO: SAME-STORE SALES GROWTH IN CHINA, 2006-2008/09*161
• 4.14.3 Tesco: Company Results161
  • Table 4.65TESCO: FINANCIAL RESULTS FOR ASIA & CHINA, 2005/2006-2008/09*161
• 4.15 Times Ltd.162
• 4.15.1 Times: Company Details162
• 4.15.2 Times: Company Background162
  • Table 4.66TIMES: NUMBER OF STORES, FEBRUARY 2009162
  • Table 4.67TIMES: NUMBER OF STORES, 2006-2008162
  • Table 4.68TIMES: REVENUE BREAKDOWN, 2006-2008163
  • Table 4.69TIMES: SAME-STORE SALES GROWTH, 2007-2008163
• 4.15.3 Times: Company Results163
  • Table 4.70TIMES: FINANCIAL RESULTS, 2004-2008*164
• 4.16 Trust-Mart Management Consulting Services (Shanghai) Co., Ltd.164
• 4.16.1 Trust-Mart: Company Details164
• 4.16.2 Trust-Mart: Company Background164
  • Table 4.71TRUST-MART: NUMBER OF OUTLETS IN CHINA, 2003-2008164
  • Table 4.72TRUST-MART: OUTLETS BY LOCATION, 2008165
  • Table 4.73TRUST-MART: SAME-STORE SALES GROWTH, FISCAL 2009*165
• 4.16.3 Trust-Mart: Company Results166
  • Table 4.74TRUST-MART: FINANCIAL RESULTS, 2003-2008166
• 4.17 Wal-Mart (China) Investment Co., Ltd.166
• 4.17.1 Wal-Mart (China) Investment: Company Details166
• 4.17.2 Wal-Mart (China) Investment: China-based Activities166
  • Table 4.75WAL-MART STORES: NUMBER OF WAL-MART STORES GLOBALLY AND TRUST-MART STORES IN CHINA, FISCAL 1997-2009*166
  • Table 4.76WAL-MART (CHINA) INVESTMENT: SUPERSTORES BY LOCATION, 2008167
  • Table 4.77WAL-MART (CHINA) INVESTMENT: SUPERSTORES BY LOCATION, 2008168
  • Table 4.78WAL-MART (CHINA) INVESTMENT: SAME-STORE SALES GROWTH, FISCAL 2009*169
• 4.17.3 Wal-Mart (China) Investment: Company Results169
  • Table 4.79WAL-MART (CHINA) INVESTMENT: FINANCIAL RESULTS, 2003-2008170
• 4.18 Wumart Stores Inc.170
• 4.18.1 Wumart Stores: Company Details170
• 4.18.2 Wumart Stores: Company Background170
  • Table 4.80WUMART STORES: NUMBER OF OUTLETS BY RETAIL FORMAT, 2004-2005171
  • Table 4.81WUMART STORES: NUMBER OF OUTLETS BY RETAIL FORMAT, 2005-2008171
  • Table 4.82WUMART STORES: SHARE CAPITAL, 2008172
  • Table 4.83WUMART STORES: ASSOCIATE COMPANIES, 2008173
  • Table 4.84WUMART STORES: SUBSIDIARIES, 2008174
  • Table 4.85WUMART STORES: SAME-STORE SALES GROWTH, 2004-2008175
• 4.18.3 Wumart Stores: Company Results175
  • Table 4.86WUMART STORES: FINANCIAL RESULTS, 2004-2008*175

5 CONTACTS 176

• 5.1 Trade Organisations176
• 9.1.1 China Chain Store & Franchise Association (CCFA)176
• 5.2 Government Departments176
• 9.2.1 Ministry of Commerce (MOFCOM)176
• 9.2.2 Ministry of Finance176

APPENDIX: MARKET BACKGROUND 177

• A.1 Fast Facts177
• A.2 Regions of China178
• Map A.1CHINA: PROVINCES AND MUNICIPALITIES178
• A.3 Demographics179
• A.3.1 Demographics: Total Population179
  • Table A.1TOTAL POPULATION, 2002 - 2008179
• A.3.2 Demographics: Population by Location181
  • Table A.2POPULATION BY URBAN-RURAL DIVIDE, 2002 - 2008181
  • Table A.3POPULATION % BREAKDOWN BY URBAN-RURAL DIVIDE, 2002 - 2008181
• A.3.3 Demographics: Population by Province182
  • Table A.4POPULATION BY PROVINCE, 2002 - 2008182
• A.3.4 Demographics: Population Density by Province183
  • Table A.5POPULATION DENSITY BY PROVINCE, 2005-2008183
• A.3.5 Demographics: Population Concentration183
• Map A.2POPULATION CONCENTRATIONS BY PROVINCE, 2008184
• A.3.6 Demographics: Population by Gender184
  • Table A.6TOTAL POPULATION BY GENDER & % BREAKDOWN, 2002 - 2008185
• A.3.7 Demographics: Population by Age Group185
  • Table A.7POPULATION BY AGE GROUP, 2002 - 2008185
  • Table A.8% BREAKDOWN OF POPULATION BY AGE GROUP, 2002 - 2008185
• A.4 Consumer Attitudes186
• A.4.1 Consumer Attitudes: Overview186
• A.4.2 Consumer Attitudes: Response to Political Change186
• A.4.2 Consumer Attitudes: Response to Economic Change187
• A.4.3 Consumer Attitudes: Changes in Lifestyle187
• Livelihood187
• Individual loans188
• Housing188
• Possessions188
• Travel189
• Entertainment189
• Health and Fitness190
• Purchasing Influences191
• Taboos191
• A.5 Consumer Wealth192
• A.5.1 Consumer Wealth: GDP and Cost of Living192
• China' s New Middle Class192
  • Table A.9MIDDLE AND UPPER INCOME HOUSEHOLDS IN CHINA, 1995/2000/2005/2010/2015192
  • Table A.10TOTAL CONSUMPTION BY MIDDLE AND UPPER INCOME HOUSEHOLDS, 2005/2010/2015193
  • Table A.11CONSUMPTION BY MIDDLE AND UPPER INCOME HOUSEHOLDS & % OF TOTAL HOUSEHOLDS, 1995/2000/2005/2010/2015194
• Confident Shoppers195
  • Table A.12GDP AND COST OF LIVING INDEX, 2002 - 2008196
• A.5.2 Consumer Wealth: Provincial GDP196
  • Table A.13GDP BY PROVINCE, 2002 - 2008197
• A.5.3 Consumer Wealth: GDP Growth by Province198
  • Table A.14GDP GROWTH BY PROVINCE, 2002 - 2008198
• A.5.4 Consumer Wealth: GDP Per Capita by Province198
  • Table A.15PER CAPITA GDP BY PROVINCE, 2002 - 2008199
• A.5.5 Consumer Wealth: Concentration of Wealth by Province199
• Map A.3VALUE OF GDP PER CAPITA BY PROVINCE, 2008200
• A.5.6 Consumer Wealth: The Major Cities201
  • Table A.16LEADING CITIES KEY ECONOMIC INDICATORS, 2007201
• A.6 Households202
• A.6.1 Households: Overview of Household Conditions202
• A.6.2 Households: Total Households by Size202
  • Table A.17NUMBER OF HOUSEHOLDS BY SIZE, 2002 - 2008203
• A.6.3 Households: Total households by Urban/Rural Split203
  • Table A.18NUMBER AND SIZE OF HOUSEHOLDS BY LOCATION, 2002 - 2008203
• A.6.4 Households: Income Earners Per Household204
  • Table A.19AVERAGE NUMBER OF INCOME EARNERS PER HOUSEHOLD, 2002 - 2008204
• A.7 Employment204
• A.7.1 Employment: Number of Workers by Sector204
  • Table A.20NATIONAL EMPLOYMENT BY SECTOR, 2002 - 2008204
• A.7.2 Employment: Growth by Sector205
  • Table A.21GROWTH IN EMPLOYMENT BY SECTOR, 2002 - 2008205
• A.7.3 Employment: Number of Workers by Gender205
  • Table A.22TOTAL NATIONAL WORKFORCE BY GENDER, 2002 - 2008205
• A.7.3 Employment: Number of Workers by Habitation206
  • Table A.23NATIONAL WORKFORCE BY HABITATION, 2002 - 2008206
• A.7.4 Employment: Urban Unemployment206
  • Table A.24URBAN UNEMPLOYMENT RATES, 2002 - 2008207
• A.8 Consumer Income207
• A.8.1 Consumer Income: Average Incomes by Sector207
  • Table A.25AVERAGE INCOMES BY SECTOR, 2001 - 2007207
• A.8.2 Consumer Income: Growth by Sector208
  • Table A.26GROWTH IN AVERAGE INCOMES BY SECTOR, 2001 - 2007208
• A.8.3 Consumer Income: Average Incomes by Region209
  • Table A.27AVERAGE INCOMES BY REGION, 2001 - 2007209
• A.8.4 Consumer Income: Growth by Region209
  • Table A.28GROWTH IN AVERAGE INCOMES BY REGION, 2001 - 2007210
• A.9 Consumer Market211
• A.9.1 Consumer Market: Spending Trends211
  • Table A.29CONSUMER EXPENDITURE* BY BROAD SECTOR AT CURRENT PRICES, 2002 - 2008*211
• A.9.2 Consumer Market: Per Capita Consumer Expenditure211
  • Table A.30PER CAPITA CONSUMER EXPENDITURE* BY BROAD SECTOR AT CURRENT PRICES, 2002 - 2008*211
• A.9.3 Consumer Market: Retail Sales and Consumer Spending212
  • Table A.31RETAIL SALES AS A PROPORTION OF CONSUMER EXPENDITURE*, 2002 - 2008212
• A.9.4 Consumer Market: Urban Income and Spending Compared212
  • Table A.32URBAN & RURAL AVERAGE ANNUAL INCOME/EXPENDITURE, 2002 - 2008212
• A.10 Exchange Rates213
• A.10.1 Exchange Rates: China213
  • Table A.33AVERAGE ANNUAL RENMINBI EXCHANGE RATES AGAINST A VARIETY OF CURRENCIES, 2001 - 2008213
• A.10.2 Exchange Rates: Hong Kong213
  • Table A.34AVERAGE ANNUAL HONG KONG DOLLAR EXCHANGE RATES AGAINST THE UNITED STATES DOLLAR AND RENMINBI, 2001 - 2008213

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