Consumption is at last becoming the most important driver of demand in the Chinese economy. This is a long-awaited and desirable adjustment. It promises to shift China away from its excessive reliance on inefficient, debt-fuelled investment. But it still has a long way to go. As the shift is being completed, the country will need to manage an overhang of bad debt. But the adjustment has begun.
消費終於成爲中國經濟中最重要的需求推動因素。這是人們期待已久的、令人滿意的調整。這有望使中國擺脫對低效的債務驅動型投資的過度依賴。但中國還有很長的路要走。隨著這一轉型的完成，中國將需要管理突出的壞賬問題。但調整已然開始。
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