Economist Urges Income Reforms to Bolster China's Flagging Consumer Spending
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Economist Li Shi calls for "concrete, comprehensive reform" to boost incomes and empower consumer spending in China.
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Consumer confidence and consumption dampened by weak income growth from 2020-2022 amid pandemic and zero-Covid policies.
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Li criticizes local authorities for wasteful infrastructure spending instead of improving livelihoods to spur confidence.
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Boosting incomes of lowest earners can significantly increase overall consumption, Li says.
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Li urges "great strategizing" to stabilize and expand trade amid geopolitical complexities as growth still relies on it.