This is a reflection of China’s shifting priorities: it wants to change it’s economic driver from being export-driven to being consumption-driven.
Haven’t heard this take yet. Any sources I could take a look at?
Here’s citibank telling their investors about it.
https://www.citigroup.com/global/insights/citigps/china-s-inward-turn-
It’s been going on for a while, the article is from 2020.
My personal opinion is this move is highly risky, but could produce massive rewards. We’re in the third year of this and China still suffers from deflation from lack of internal demand matching former exports.
But China seems dead set on this regardless of risks. This is why there are so many China collapsing articles. The actions to do this aren’t great for the economy on a global term, but in the long run may make China more durable. Who knows, this is so different than what everyone is doing it’s kind of uncharted.
Good I try to avoid buying their stuff when I can