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The Chinese renminibi, or yuan, is increasingly growing in strength against the weakening US dollar, creating increased demand for US goods. With the world’s largest population of 1.3 billion and the third largest economy (behind the United States and the European Union), China is one of the most lucrative and promising markets in the world with the third-largest purchasing power of $6.991 trillion. According to the National Bureau of Statistics, in 2005, the per capita disposable income in China is about $1525 in urban households and $473 in rural households. Although the Chinese amount of disposable income is lower than the US’s $28,000 real disposable income per capita, this amount is steadily increasing; in 2005, the People’s Daily Online reported that the amount of per capita disposable income increased by 12.9%, or 11%, if price factors are deducted. Also, with growing population in the middle-class group, the Chinese consumption rate is expected to increase from 58 percent in 2002 to 65 percent by 2010 and to 71 percent by 2020, very close to the rate in developed countries, said Chen Xingdong, chief China economist with BNP Paribas Peregrine in Beijing, adding that China has a potential enormous consumer market.