Part 5/8:
Despite the compelling narrative of its export-centric success, the Chinese government has largely neglected to empower its domestic consumers. Household consumption in China constitutes around 40% of economic output, significantly lower than the global average of 60% and far behind the nearly 70% observed in the US. As growth from exports dwindles and other sectors stagnate, Chinese officials face an imperative to boost consumer power—yet the results have been minimal, with only meager wage increases being rolled out sporadically.