While China is probably in a much better position than bearish observers claim, the economy would benefit if Chinese households saved less and consumed more.
Chinese Finance Minister Lan Fo'an speaks at a press conference on the sideline of the National People's Congress, Beijing, March 6, 2024. Credit: Ng Han Guan via AP Photos
Economists have lately been sounding the alarm that China’s economic development is teetering on the edge of a crisis. The problem, they argue, is that China’s growth is driven by extremely high levels of capital investment, and that private consumption is being suppressed. Is a crisis really looming, as many predict?
It is true that China’s growth pattern could, for decades, be characterized as investment-driven. Like most East Asian economies, China supported devel
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