As business investment growth slows, the consumer has been touted as the saviour of the global economy. China, in particular, is more interested in a consumer-led economic recovery than most as the country tries to move away from cyclical, capital intensive industries and rebalance towards a service economy.
Other Asian nations are also following the same playbook as they look to rebalance their economies to more sustainable models that can grow through all stages of the economic cycle.
China is having some success in this rebalancing. As Bloomberg reports, consumption contributed 73.4% to China’s...
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