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China has an array of powerful policy tools at its disposal to stimulate consumer spending, according to Zhang Bin, deputy director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences and senior fellow at China Finance 40 Forum (CF40). In a recent interview with CGTN, Zhang emphasized that increasing household disposable income is one of the most effective ways to drive consumption in the short term, which is closely linked to the country’s GDP growth.
“Boosting household income will directly enhance people’s purchasing power,” Zhang explained. “As GDP grows, we can expect a rise in disposable income, leading to greater consumption and a more robust economy.”
China’s focus on economic growth and consumer spending comes at a crucial time as the country seeks to maintain momentum amid global economic challenges. With a range of policy options available, experts like Zhang are confident that China can successfully navigate these challenges and continue to support the well-being of its people.
