For years China has been talking about refocusing its economy on domestic consumption, tells Arthur Kroeber in the New York Times. Now, real change is happening, although we should not expect too much too fast.
The New York Times:
“For years and years they’ve talked about rebalancing the economy and more household consumption,” Arthur Kroeber, the managing director of the Beijing forecasting firm Dragonomics, said in an interview. The new plan, he said, “shows they’ve been listening to their economists and do have, in principle, a stronger commitment to trying to figure out how to create a more domestically oriented economy.”
But Mr. Kroeber said he did not expect quick results. “China’s so enormous that any shift like this is going to take longer than in a smaller country,” he said. “It’s the difference between a supertanker and a sailboat.”