According to China’s National Bureau of Statistics, the gross domestic product (GDP) growth for the first half of 2013 was US trillion, a year-on-year increase of 7.6%.
As jobs are created and more resources are allocated into these emerging cities, consumer wages increase, discretionary income rises, and greater discretionary spending occurs.
A sizeable portion of this discretionary spending goes to jewelry.
The timeframe is ultimately dependent on the future growth rate, which is predicted to slow. China is the world’s leading manufacturer overall, as well as the largest producer of jewelry. China became the world’s largest manufacturing economy (figure 3) in 2010 and in 2012 widened its lead over the U. with $2.9 trillion in manufactured goods annually, compared to $2.43 trillion from the U. The television tower next to the Pearl River is a symbol of Guangzhou’s wealth. First-tier cities (figure 4) are the most developed and cosmopolitan urban centers; these include Shanghai, Beijing, Shenzhen, and Guangzhou.
At this state-of-the-art factory in Guangdong province, workers create a wide range of jewelry. The other tiers represent cities with less wealth, lower wages, less discretionary income, less infrastructure, fewer amenities, and fewer resources.
Unofficially, there are 59 cities in the second tier, 92 in the third, and 105 in the fourth (Schuster, 2012).