China Pins Hopes on Bigger Spending to Boost Economy
October 29, 2013
China has long sought to shift from an export economy to one based more on domestic consumption. There are now signs those efforts are working, partly through incentives aimed at encouraging spending from domestic tourists. Keeping that trend on track is a top priority for Chinese leaders meeting in November.
Beijing’s storied attractions such as the Lama Temple draw increasing numbers of Chinese each year.
During a recent holiday break, one such tourist who identified himself only as Zhou, says he and his family drove 1,500 kilometers from Sichuan to see the Forbidden City and other sights.
“Now we have holidays, time off to spend," Zhou said. "We have our own car and the government waives highway fees. We can save some money to spend for holidays. This is all very convenient.”
While China's domestic spending is rising, families here still spend much less than their counterparts in the West.
Consumer spending still accounts for less than half of the country’s economic growth. In the United States, it’s responsible for more than two-thirds.
Economist Song Hong says as Chinese households grow wealthier, purchasing a car is a tipping point for spending more.
“Many households long to buy a car, and once they meet this need, they then go travel and spend money and enjoy other services,” he said.
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