China’s Unwilling Consumers
For several years, Chinese leaders have been pursuing economic “rebalancing”: The country’s longstanding growth model, based on investment and exports, is to be replaced by one based on services and domestic consumption. Unfortunately, household spending will not be driving the economy anytime soon.
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LONDON – For several years, Chinese leaders have been pursuing economic “rebalancing.” The country’s longstanding growth model, based on investment and exports, is to be replaced by one based on services and domestic consumption. It’s a necessary transition for China. Unfortunately, consumption-led growth remains a distant prospect.