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Pettis emphasized the necessity for consumption to contribute around 70-90% to GDP growth for sustainable economic health, a stark contrast to the mere 44.5% contribution noted in the GDP growth for 2024. He cautioned that maintaining high GDP growth targets without a viable plan for increased consumer spending could result in broader economic challenges in the coming years.
Insights from Chinese Diplomacy
Shifting focus to the diplomatic front, China’s top diplomat, Wang Yi, addressed questions during a recent press conference, offering insights into Beijing's perspective regarding its global role. He articulated a vision of China as a stabilizing force in an increasingly chaotic world.