“There is now only one engine capable of sustaining growth at the scale China requires: consumption. For a country that has managed to overcome powerful constraints to innovation – a record exemplified by Huawei’s resilience and the rise of leading AI players like DeepSeek – getting households to consume more might not seem like a difficult task. But given that under-consumption has long been embedded in the Chinese system, it might be the toughest challenge China has faced.” Keyu Jin
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“There is now only one engine capable of sustaining growth at the scale China requires: consumption. For a country that has managed to overcome powerful constraints to innovation – a record exemplified by Huawei’s resilience and the rise of leading AI players like DeepSeek – getting households to consume more might not seem like a difficult task. But given that under-consumption has long been embedded in the Chinese system, it might be the toughest challenge China has faced.” Keyu Jin