View of a Tesla store in Shanghai File photo: IC

 Is it true that Chinese economy is running of steam when it is undergoing a pivotal transition toward being consumption-driven? Definitely not, though it was warned by the New York Times in a recent article which argued the nation's spenders are saving along with a slowing economy.

Some Chinese market observers might be suffering from myopia that inevitably affects their vision of the most important trends prevailing in the market. Hopefully the messages the market is sending can be helpful in curing the problem, which matters particularly for a host of US firms which rely on growth of the Chinese market. 

For one thing, as the economy bids farewell to GDP rise addiction and is becoming more sophisticated, commodity fetishism is fading. There are growing signs of domestic consumers shifting toward services spending, as evidenced by a marked increase in their sports, fitness, travel and healthcare payouts. Stunning numbers measuring box offices, travelers and their expenditure during the recent National Day holidays surely speak for themselves. 

Additionally, wide-ranging products in a market where a rising number of local brands are seen to be upstaging their foreign counterparts are prompting both domestic and foreign businesses to go beyond the mundane to cater to consumers in pursuit of new innovations.

For those capable of identifying the trends, gold is still everywhere in the world's second-largest economy. For example, Emerson's kitchen garbage disposals are hugely popular among middle-income families in large Chinese cities, especially Shanghai, where compulsory trash sorting is being enforced.

In another example, while Ford continues to lose ground in the Chinese market, reporting a 30 percent drop in Chinese sales in the third quarter, Tesla, another US automaker, remains a trendsetter in the nation's new-energy vehicle push, with all eyes on its Shanghai Gigafactory which is expected to start production soon.

As China opens its arms to foreign investors, a trend undisrupted by trade tensions with the US, there is a bigger chance of viable global brands accomplishing their China dream.

The author is a reporter with the Global Times. bizopinion@globaltimes.com.cn