The Limits of China’s Consumer Revolution
After the global economic crisis weakened the external demand that fueled China’s economic growth over the last three decades, the country’s leaders agreed that domestic consumption must become the new engine of economic growth. But China cannot achieve stable, sustainable growth unless it also upgrades its manufacturing sector.
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SHANGHAI – China’s economy is at a crossroads. As 2013 begins, foreign and domestic observers alike are asking which path the country’s economic development should take in the next decade. How can China ensure stable and sustainable growth in the face of significant internal and external challenges, including slowing medium- and long-term growth, rising labor costs, and growing inflationary pressure?