Back in March, when China unveiled a 5% growth target for 2023 that (at the time) appeared easily attainable, household consumption was identified as the key driver for growth this year – given that weakness in the housing market was likely to constrain investment and slower growth in advanced economies would limit exports. However, policy measures unveiled at the National People’s Congress were directed at the supply side of the economy – largely intended to improve the flow of goods following the disruptions of the COVID-19 pandemic – with nothing to address consumption. Subsequent proposals – including loosening ... (full story)