In the contest between China and the US over which country can better withstand the fallout from their trade war, Beijing is looking to its consumers to keep the nation’s economy afloat.
Figures released this week showed China’s gross domestic product fell to 6.2 per cent in the second quarter of this year, the lowest rate since 1992 when the country adopted its current method for calculating GDP.
The data would have been worse were it not for buoyant domestic consumption. But economists are increasingly worried about how long strong growth in domestic demand can last.
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