The Chinese consumption myth
by Kerry Liu
International Journal of Economic Policy in Emerging Economies (IJEPEE), Vol. 15, No. 1, 2022

Abstract: Whether Chinese consumption is downgrading or upgrading has been the subject of recent debate. This study begins with a review of different types of consumption data, including gross domestic product data, household survey data and retail sale data, and concludes that Chinese household consumption expenditure growth has been slowing since 2011. Next, the factors that contribute to consumption growth, consumption upgrade, and consumption downgrade are analysed. The main findings are that disposable income plays a significant role in consumption growth; that wealth effects from the real estate market play a significant role in consumption upgrade; and that increasing rent has significantly contributed to the consumption downgrade. Finally, this study discusses policy implications based on findings from this study, especially with respect to the real estate market.

Online publication date: Thu, 06-Jan-2022

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