China announced its latest growth figures on Thursday. The speed of growth attracted most of the attention, but the source of growth is perhaps more striking. At a press conference, the National Bureau of Statistics pointed out that in the first three quarters of this year consumption* contributed over half (55%) of China’s growth, exceeding the contribution from investment. If that pattern holds, China’s growth this year will not be investment-led (let alone export-led), but consumption-led.**
Continue reading… “Consumer-led growth in China”