China’s government spends less on its citizens than most other countries with similar or greater income levels, analysis by the Financial Times shows, potentially undermining Beijing’s efforts to encourage consumption to boost its flagging economy.
The country’s leaders will announce new economic targets at the annual meeting of its rubber stamp parliament next month and unveil stimulus measures to overcome weak domestic demand following the bursting of its property bubble.
China’s state spends only about 6 per cent of GDP on what is known as individual consumption — services ranging from healthcare to social security that directly benefit citizens — while households spend another 38 per cent, according to data by the World Bank.
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