Part 9/11:
Economists emphasize that without significant fiscal transfers from the state to lower-income households, consumption won't meaningfully increase, as current savings levels are low. The Chief China Economist at Morgan Stanley, Robert Sing, argues that stronger social welfare policies are essential for unlocking consumer spending, a pivotal engine for economic growth. The overarching issue pivots on the low share of growth captured by households, with much income being allocated to the government sector.