Is China a Consumer-Led Economy?

There's a perception in the US that the reason why you don't have as much of a consumer led economy in China is somehow cultural. It has more to do with the rapid growth and then the entrenchment of interest that are preventing that consumerism to take place. In the 1970s, the consumption share of China GDP was quite high. But there were specific policies that drove the household share down and we met the consumption share. We expand a little bit further on these distortions because anybody listening to this, I'm sure we would then say, "This is sort of inevitably what happens"

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