As a massive downward adjustment in the ability of US households to finance domestic overconsumption takes place, experts and policymakers around the world are demanding that China engineer an economic and social transition: from an export-led model of economic growth to one that relies on domestic consumption – and as swiftly as possible.
If China can kick-start growth in consumption, they argue, it will relieve pressure on other countries reeling from a drop in US and global demand.
But these demands are unrealistic. Although it is clear that the development model that served the country for so long has outlived its usefulness, it is just as clear that the move towards a new, sustainable model will take great effort and many years.
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