News Snapshot:
comment The great economist Michael Pettis of Tsinghua University has for years emphasized the importance of shifting its dependence on growth away from investment and towards more consumption for the Chinese economy. As China faces its weakest sustained economic spell in modern history, is it worth asking whether China can transition to a more consumer-centric economy? The Chinese economy is unique among major economies due to the small share of the household sector in the macro economy. Most economies typically have a household sector that accounts for 60-75 percent of activity. The United States, for example, is hovering around 70...
