China Needs a Raft of Reforms to Make New Economic Strategy Work: Government Advisers

News Snapshot:

While domestic consumer spending accounted for 55.4% of China’s GDP last year, it remains far lower than levels of 70-80% seen in developed economies. (Representative Image) Xi’s new development model will be discussed at a meeting of the ruling CCP in October, where policies are expected to be built into the next five-year road-map for the economy. Reuters BEIJING Last Updated: September 29, 2020, 1:21 PM IST FOLLOW US ON: China will need a plethora of reforms if it is to make a new economic strategy that relies mainly on domestic consumption work, advisers to the Chinese cabinet said on...