ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
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)

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

Mao Shengyong, a bureau spokesman, on Dec. 14 told reporters that while investment and exports used to fuel growth, consumer spending is now leading the way. The latest numbers seem to back him up: Consumption accounted for as much as 64.5% of gross domestic product growth in the first nine months of 2017, which is 2.8 percentage points higher than the same period a year ago.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more