According to one model, the return, or not, of 6 per cent growth for the Chinese economy depends largely on the country’s net capital stock – fixed assets – its population size and its total factor productivity, or how efficiently the economy produces goods and services.
. Infections quickly peaked in most provinces after Chinese authorities lifted the country’s strict zero-COVID policy in early December. The travel and retail sectors bounced back soon after. Over the past three years, the Chinese government has relied heavily on investment to boost demand. But the incremental returns on this investment are diminishing. Capital formation has at best contributed 2 percentage points to China’s recent growth.
Two factors will help boost consumption. One is the recovery of consumer confidence after the pandemic, which may help release the excess savings accumulated by households over the past three years.after the first wave of infections, there is reason to believe that consumption will bounce back in 2023.
Several local governments have issued coupons to help boost consumption. These coupons are equivalent to price discounts and, in most cases, are redeemable for a discount of 20 per cent on designated purchases. Coupons could also help boost confidence in the Chinese government’s commitment to its pro-growth policies and may bring extra growth in consumption as a result.
Source: News Formal (newsformal.com)
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