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Economy

China's new consumption-driven economy isn't what it seems

Only the rich are spending more, and the investment addiction persists

Are Chinese consumers really spending heavily? Data suggests it is the rich who are consuming, not the masses. (Photo by Akira Kodaka)
ISSAKU HARADA, Nikkei staff writer | China

BEIJING -- China's transition to an economy driven by consumption, rather than investment, is complete -- at least according to the National Bureau of Statistics.

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