"The momentum of economic and social change in China is so great that the global financial downturn appears to have caused only a temporary dip on an otherwise long and steep road to growth," said the McKinsey report. China's wealthiest 100 cities accounted for about 52 per cent of the nation's total consumption.

 McKinsey predicts that China will post an annual compound growth rate of 10 per cent in its economy and domestic consumption by 2015.

In August, McKinsey wrote that: "China has already embarked on measures that will shift the focus of its economy away from heavy industry and exports and toward services and consumer products. But if China's leaders committed themselves to a more aggressive program of comprehensive reform, they could raise private consumption above 50 per cent of GDP by 2025."