The potential of China's consumer power will be unleashed as the nation improves its social services. That's one driver for consumption in the world's most populous nation. But are there any other ones? Jing Ulrich, chairman of global markets, China at J.P. Morgan, believes urbanization is the answer.
With China's per capita GDP lagging well behind that of developed countries, can it become prosperous by consuming? Can consumption really play a major role in powering the Chinese economy from a long-term perspective? Jing Ulrich, chairman of global markets, China at J.P. Morgan, gives her answer.
China is now at an important juncture in its development. Decades of double-digit growth have become unsustainable for the rising economic power. China is moving toward the next stage of development. The wheels of economic transition are turning. Slowly but surely, the next China is coming into focus.
China has long been the engine of the world economy. But in a time of global depression, the country's growth rate has cooled down compared with the sizzling double-digit growth the country enjoyed for much of the past three decades. Its economic figures have garnered a lot of attention recently.
Official data shows China's economy is picking up, with exports and imports rebounding with a speed above expectations in July. The sharp trade data rebound has, in the West, generated a debate over the reliability of China's official data. Thomas Byrne, senior vice president at Moody's, shares his view.
China's economy may be cooling from its three decades of blistering growth, but will this process get out of control and morph into some kind of a much sharper scenario? Will there be a crisis or hard landing looming as some doubters touted? How to assess the state and outlook for China's economy?
Several Western investment banks and economists have in recent weeks revised down their growth forecasts for China, with the more bearish ones falling below 7 percent. But according to John Wilson, lead economist at the World Bank, a closer look at China's growth potential tells a different story.
The world's biggest growth story has slowed in nine of the past 10 quarters. Why does a foreigner bother to spare some time out of his hectic schedule for a look at the Chinese economy? Managing editor of Fortune magazine Andy Serwer and Moody's senior vice president Thomas Byrne share their views.
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