Bet­ter help con­sumers do the heavy lift­ing

China Daily (Canada) - - LIFE -

To turn do­mes­tic con­sump­tion into an en­gine pow­er­ful enough to make up for the slack of other growth driv­ers, law­mak­ers and pol­i­cy­mak­ers should make full use of the on­go­ing ses­sion of the Na­tional Peo­ple’s Congress, China’s top leg­is­la­ture, to boost and meet con­sumers’ up­graded de­mand for qual­ity goods and ser­vices.

The in­creas­ing im­por­tance of con­sumerled growth has­be­comem­o­re­man­i­fest than ever with­Premier LiKe­qiang an­nounc­ing onMarch 5 that the coun­try’s growth tar­get for2016 is be­tween6.5and7 per­centand that for the year­sup­to2020is 6.5on­aver­age. SinceChina’s twingrowth en­gines of ex­port­sand­fixed-as­set in­vest­ment are un­likely to de­liver as much as they used to in the face of grow­ing global head­winds and the eco­nomic trans­for­ma­tion at home, only con­sump­tion-led growth has the po­ten­tial to rise rapidly to keep the world’s se­cond-largest econ­omy on the track to achieve those growth goals.

China’s as­cent as a global trad­ing power since the turn of this cen­tury made dou­ble-digit ex­port growth a key pro­pel­ler for its GDP growth. But the fail­ure of the world econ­omy to re­bound strongly from the 2008 global fi­nan­cial cri­sis has in­creas­ingly dark­ened the prospects for global trade growth.

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