China’s domestic consumption “is picking up and will continue to grow strongly” thanks to policy efforts to lift people’s income and the huge room for developing services consumption sectors, said Zhu Min, former deputy managing director of the International Monetary Fund.
The world’s second-largest economy is transitioning to a new growth model that is more focused on domestic consumption, and “is in a position to manage the transition in a smooth way”, Zhu said in an exclusive interview with China Daily.
The remarks followed the meeting the Communist Party of China leadership held on Tuesday that called for shifting the focus of economic policy more to improving people’s living conditions and boosting consumption.
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