Beijing has responded to weak household demand with a five-year plan promoting spending across 28 areas, but the program does not specify measures that directly address insecurity over jobs, housing, medical care, and retirement.
The plan comes as China reported that gross domestic product grew 4.3 percent year over year in the second quarter, down from 5 percent in the first quarter. Retail spending and investment weakened, while exports and selected high-tech industries continued to expand.
The Chinese communist regime’s official economic statistics have faced decades of credibility questions. Beijing’s figures are typically used to compare the direction of individual indicators—not as independently verified measurements of the economy’s true size. The government’s own data describe weaker household demand and private investment alongside stronger industrial production….
China’s Weak Consumer Spending Persists Despite Beijing’s New Plan
