Retail sales grew by more than 13 percent in August, the highest this year. During China’s national holidays in October, the country set a new spending record, as some 31 million tourists spent more than $140 billion.
One key challenge is making it easier for Chinese from all walks of life to spend money more regularly. Professor Song says unequal income levels in cities and high saving levels in the countryside remain a stumbling block.
“The problem is in the rural areas where the social system is only now being created and the level of consumption remains low,” he explained.
The Chinese government is trying to encourage more spending through car-friendly policies such as subsidizing fuel during national holidays and waiving highway tolls.
Lan Lan and her friends came to Beijing from the western province of Xinjiang. During their first trip so far from home, they were watching their money carefully.
“We take part time jobs, save money and add in a little pocket money from our families to go travel,” she explained.
As Chinese communist leaders meet in November to outline economic policies for the next five years, they are expected to focus on how to make household spending a driving economic force, much like it is in other countries.
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2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25