A market in flower and other flowers will soon be booming in China, the central bank said on Thursday, with the country set to overtake the United States as the world’s second-largest exporter of flowers.
China’s central bank released its annual report for 2016, and the report said the market for flowers was expected to rise from about $1 billion to more than $4 billion by the end of the year.
“A new flower season has begun, and we are confident that this market will be one of the biggest in history,” the report’s author, Li Jinghua, told reporters.
“We estimate that the global market for flower is likely to grow by at least 20 times, or 10 times more than the current market for cotton, by the year 2020.”
The report also forecast China’s stock market would grow to $1.5 trillion by 2021, from $1 trillion at the end-2017.
The central bank’s annual report also showed the world is expected the world will reach an annual surplus of about $30 trillion, a level which would make it the world leader in trade surpluses.
China will soon overtake the U.S. as the largest producer of flowers in the world, said Li Jingua, head of China’s National Development and Reform Commission.
“In this sense, the market will expand even faster than that,” he said.
“I think we will surpass the U