More pie-in-the-sky dreams about a consumer economy in China. Note this paragraph, buried in the article:
It remains unclear whether the Chinese have abandoned their traditional caution [to spend]. "Over the past decade or so, the growth of China's household consumption has been outpaced by fixed investment growth and exports, and consumption as a percentage of GDP is low and has been on the decline," said Morgan Stanley analysts Qing Wang and Steven Zhang in a report last month.
The topic is a long-standing Western fantasy about which I have written often over the past 10 years on this blog and will not spend any more time on.
