Posted 12/3/2023, 9:00:42 AM
China Advised to Boost Migrant Workers' Spending Power to Unlock New Growth Engines
- China urged to focus policies on low-income groups like migrant workers to stimulate new economic growth engines
- Boosting spending power of low-income groups could release untapped growth potential for China's economy
- China aims for 5% GDP growth in 2022, but reforms needed to unlock full potential
- Advisers recommend relaxing "hukou" residency rules to improve welfare and spending power of nearly 300 million migrant workers
- Shift from relying on real estate to models expanding spending among low- and middle-income groups key for long-term growth