As economic growth in the US and Europe has stuttered, the world has looked for a new saviour among China’s consumers.
Trouble is, the share of private consumption in China’s GDP is inordinately low – just about 33 per cent. Moreover it has come down in the past decade or so from about 45 per cent of GDP to 33 per cent today. By contrast, in most economies, including some of China’s East Asian neighbours, private consumption is about 50 per cent of GDP.
Yet luxury goods companies, automakers and many other multinationals have seen larger shares of their sales coming from China in the past couple of years than ever before.
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