Tobacco: Never a Dull Moment

摘要

In this issue, we cover China's tobacco industry outlook as their economy begins to show signs of cooling. We see the large contribution that the Chinese tobacco industry makes to Chinese GDP and, as Iqbal Lambat writes, we also recognize the China National Tobacco Company (CNTC) as a key component in the revenue structure of China's new plan. Consistent with earlier reports, the CNTC serves China's 300M smokers and is by far the largest cigarette manufacturer in the world. In 2014 alone, our report says, the CNTC manufactured an estimated 2.8T cigarettes, or approximately 48 percent of all cigarettes consumed worldwide. In China, there are as many as 20M tobacco farmers growing in excess of 2.7M tons of tobacco, complemented with a further 10M workers in the manufacturing and retail sectors.