Cai Fang of the Chinese Academy of Social Sciences said Beijing’s benchmarks for 2035 should include a quantitative figure for consumption.

China should add a quantitative target for consumption growth as part of its long-term modernisation goals to help sustain growth momentum as the country’s population declines, a prominent Chinese economist said. “In addition to setting a gross domestic product growth per capita target through 2035, we should also establish a target for the household final consumption rate – meaning the share of household consumption in GDP should be increased as well,” said Cai Fang, an academician at the…

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