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China doubling down on consumption as route out of export reliance: ex-PBOC official (www.scmp.com)

submitted 3 weeks ago by rss@news.abolish.capital to c/china@news.abolish.capital

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China is pushing consumption to grow faster than overall economic expansion as the nation accelerates a shift to domestic demand-driven growth amid external criticism over trade imbalances, a former deputy governor of the People’s Bank of China said at the World Economic Forum. “The policy says consumption growth [should be] stronger than GDP growth … [and] income growth will be higher than GDP growth,” Zhu Min said in Davos, Switzerland, explaining that this is the key performance indicator for...

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