COVID - Is China Going to Consume Less?

It's going to exacerbate the problems that we've already had, which were in themselves exacerbated two or three years ago at the beginning of COVID. The key problem is the really weak demand side of the economy. And that's driven by very weak consumption, which in turn drives weak business investment. Consumption is very low partly because people don't want to go out or they're very nervous, so they're saving more of their income. In many cases, particularly for workers and migrant workers, are actually down.