How China Creates Its Own Market
China’s export-driven economic model, which fueled its rapid GDP growth over the past three decades, has been yielding diminishing returns. But as the Chinese economy shifts toward a new strategy based on boosting household consumption, the development of its domestic market has been slower than anticipated.
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SHANGHAI – It has become increasingly clear in recent years that China has begun to shift away from its export-driven economic-development model to an “internal circulation” strategy that emphasizes expansion of domestic demand. Though this seems like a natural step, creating a domestic market large enough for a country of 1.4 billion people has proven to be a more complicated undertaking than many economists and analysts anticipated.