Reported 8 months ago
On June 25, 2024, former Deputy Governor of the People's Bank of China and former Deputy Managing Director of the International Monetary Fund (IMF), Zhu Min, stated that China has entered the ranks of high-income countries, with a shift in consumption patterns from basic necessities to luxury, development-oriented, and service-oriented consumption. Zhu emphasized the challenges posed by aging populations leading to reduced consumption of products, highlighting the importance of encouraging consumption among the age group of 22 to 60, who are the future main consumers in Chinese society. He also suggested a shift towards a more service-oriented economic structure and the provision of personalized services in healthcare, education, entertainment, and tourism.
Source: YAHOO