Why China now needs a consumption story, explains Vivek Kaul

Mumbai: As per the International Monetary Fund's World Economic Outlook released in early October, China is expected to grow by 5% in 2023. This growth forecast is in constant terms adjusted for inflation and in the Chinese currency yuan. A growth of 5% in 2023 is better than growth of 2.2% in 2020 and 3% in 2022. On the flip side, it's much lower than the growth of 9.2% per year achieved from 1982 to 2022, when the Chinese economy grew close to 33 times. Further, the forecast for the next few years isn't very inspiring—China is expected to grow…