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China’s spending habits are shifting in exciting new ways, and experts say this is a positive sign for the country’s future. On Tuesday’s “Talking China” debate show, leading scholars discussed how China’s consumption patterns are transforming and why that’s good news.
Li Cheng, the founding director of the Center on Contemporary China and the World at the University of Hong Kong, challenged the idea of a “consumption downgrade” in China. He pointed out that calling more affordable or sensible spending a downgrade is misleading. “It’s more accurate to say China’s consumption ‘adjustment’ or ‘normalcy’ reflects dynamic and diverse trends,” Li said. “This indicates healthy development.”
Supporting Li’s view, Wang Wen, dean of the Chongyang Institute for Financial Studies at Renmin University of China, said the country is experiencing a significant transformation in how people spend their money. “We’re seeing major growth in green, technology-driven, cultural, and tourism-related consumption,” Wang explained. “These changes show that consumers are embracing sustainable and innovative products and experiences.”
This shift means that China’s economy is adapting to new trends, with people prioritizing environmentally friendly choices and new technologies. For teenagers and young adults in the Global South, this could open up opportunities for collaboration and innovation, especially in areas like green tech and cultural exchange.
