CGTN — As income grows, Chinese saving less, borrowing more

Summary:
Chinese consumers are embracing credit. This has huge implications for increasing China's consumption to investment ratio, which needed for the transition from low-income, to middle-income to high-income country. This implies growth of the domestic economy and less dependence on the external sector. It will also bring China trade surplus more toward balance and over time likely into deficit as "the Chinese consumer" replaces "the American consumer" as the purchaser of last resort. And it's likely that India won't be far behind, with Indonesia in the wings. This will make Asia the global economic hub, unseating the West.Transnational firms know this, of course, so now the push is on not only to access these markets but also to dominate them.How's that trade war going you? EcnsAs income

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Mike Norman considers the following as important: Chinese economy

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