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    June 13, 2018 1:38 AM EDT
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    BEIJING Air VaporMax Femme Pas Cher , May 31 -- Small and medium-sized cities will play a major role in driving China's consumption growth in the coming decade, according to a Morgan Stanley economist.

     

    Robin Xing, the investment bank's chief China economist, predicted on Wednesday that national annual consumption will rise to 9.7 trillion U.S. dollars in 2030 from last year's 4.4 trillion dollars on the sidelines of the Morgan Stanley China Summit in Beijing.

     

    ""Third- and fourth-tier cities will contribute nearly two thirds of the increase,"" Xing said.

     

    The proportion outshines the 9 percent from megacities such as Beijing and Shanghai, and the 21 percent for second-tier cities. Consumption in rural areas is expected to reach 400 billion U.S. dollars Air VaporMax Homme Pas Cher , accounting for 7 percent of the total.

     

    Personal consumption in such cities will grow the fastest at 8.7 percent year on year from now to 2030, according to Xing.

     

    The economist, who has headed Morgan Stanley's research team in China for a year, said the promising prospects are based on the rapid population growth in smaller cities and a closing income gap with large cities.

     

    ""In contrast with dawdling first-tier cities, the number of permanent residents in smaller cities will see robust growth thanks to higher birth rates, relaxed household registration control and cheaper living expenses Air VaporMax Plus Femme Pas Cher ,"" Xing said.

     

    The combined registered population in smaller cities is predicted to rise 2.5 percent each year throughout the 2017-2030 period, faster than 2 percent and 0.6 percent in second- and first-tier cities, respectively.

     

    Xing also expects people living in smaller cities will have deeper pockets as the rapid urban development will boost incomes. Moreover, tame home prices and an improved environment will allow diminished precautionary savings and more money to be used for consumption, he added.

     

    The rise of small and medium-sized cities is likely to push China's ongoing economic shift from industry to services and from investment to consumption. In the first quarter, consumption contributed 77.2 percent of the GDP increase.

     

    Xing remained bullish on the outlook for the world's second-largest economy Air VaporMax Plus Homme Pas Cher , predicting continued growth momentum and ruling out the possibility of a hard landing or a cash crunch in the money market.

     

    He cited more flexible regulation on the yuan's exchange rate, well-managed financial tightening, robust exports, recovering private investment, and a more stable property sector.

     

    However, he believes the GDP growth has peaked after a strong start in 2017 Air VaporMax Plus Pas Cher , and the slowdown will likely resume in the next quarters.

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    Chinese conglomerate Dalian Wanda Group has bought a majority stake in US film studio Legendary Entertainment for about US$3.5 billion, turning Wanda Chairman Wang Jianlin into a Hollywood movie mogul as the tycoon steps up a drive to diversify his business empire overseas.

     

    The deal, announced yesterday in Beijing, is “the largest cross-border cultural acquisition made by a Chinese company to date,” according to a statement by Wanda.

     

    “Wanda is planning an initial public offering for its movie production and distribution assets and the acquisition of Legendary Entertainment will, without any doubt Air Max Plus Pas Cher , be a big highlight in the wealth story of Wanda,” Wang said. “Wanda is buying Legendary not only for the studio’s movies, but for intellectual property reasons as well.”

     

    He added: “Wanda Cinema already has made tremendous development in China, but it isn’t enough. Movies are global, and our company certainly wants to add our voice to the world film market.”

     

    The maker of blockbusters such as “Jurassic World,” “Godzilla” and “Inception www.chaussurevapormax.fr ,” Legendary Entertainment’s film productions have grossed more than US$12 billion worldwide at the box office, according to Wanda’s statement.

     

    The deal will enable Wanda to become the world’s largest player in the movie industry in terms of revenue with huge influence in both the US and China, the two most important movie markets, Wang said. The acquisition will also allow Wanda to learn from the experience of its US counterpart in areas such as making movies, production and distribution.

     

    The deal will also provide Legendary Entertainment with more growth opportunities, particularly in China Nouveau Air Vapormax Pas Cher , where the movie market has been expanding at a rapid rate, Wanda said.

     

    The company is already the world’s biggest movie theater operator after buying AMC Entertainment Holdings Inc, North America’s second-largest cinema chain, for US$2.6 billion in 2012. In June 2015, it acquired Australian movie theater company Hoyt’s Group.

     

    Wanda Cinema Line Corp, the group’s domestically listed firm Chaussures Air Vapormax Pas Cher , is the biggest theater operator in China with 8 billion yuan (US$1.2 billion) in revenue last year, an increase of nearly 50 percent from 2014.

     

    As part of the deal, which was signed yesterday after more than two years of negotiations, Legendary Entertainment’s founder and CEO Thomas Tull will continue to head up the movie maker.

     

    Tull told reporters yesterday that Wang had been “insistent we run operations and continue to run things the way we always have.”

     

    Legendary generally provides half the financing for movies whose budgets can run up to US$200 million or more. It also has an agreement with China Film Co, the largest and most influential film company in China, to co-produce movies.

     

    Both Wang and Tull dismissed concerns that Wanda’s investment would lead to censorship or alter the content of its motion pictures.

     

    “I’m a businessman Air Vapormax Pas Cher ,” said Wang. “I buy things to make money, so I don’t really think about government priorities. My main consideration is commercial interest.”

     

    Tull said that Legendary had already built up a brand in China with its blockbusters and wasn’t looking to change its content.

     

    Drive to diversify

     

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