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A few days ago, I went to Xuchang Pangdonglai.
It was my first time in Henan, and I felt the power of a large population.
Xuchang, a fourth-tier small city with over 4 million people, can give rise to Pangdonglai, as well as seven listed companies, including a global leader in wig manufacturing—Rebecca. This is largely due to the large population.
Provincial capitals like Nanjing and Hefei only have around 8 to 9 million people, so a fourth-tier city's population is about half that of a provincial capital.
Even 10% of the wealthy population can sustain a certain consumer market.