While eye-catching technological breakthroughs \u2013 led by the DeepSeek artificial intelligence (AI) model \u2013 have boosted confidence in China amid intensifying rivalry with the United States, economists at the Annual Meeting of the New Champions in Tianjin have called for structural reforms to make China a consumption-driven economy.<\/p>\n
\u201cWe can talk about technological supremacy, like AI and all these, but China is never going to be a rich country unless it becomes a big consumer country,\u201d Jin Keyu, a professor at Hong Kong University of Science and Technology\u2019s school of business and management, said at the World Economic Forum event, which is also known as \u201cSummer Davos\u201d.<\/p>\n
China\u2019s political economy mechanism is largely geared towards subsidising production to gain competitiveness, Jin said during a panel discussion on Thursday.<\/p>\n
\u201cChinese goods are so competitive, and everyone\u2019s importing Chinese goods, then China is going to have a real problem, not just with the US, but with the rest of the world, because it\u2019s no longer about just efficiency, it\u2019s about harmony,\u201d she said. \u201cIt\u2019s about giving other countries an opportunity to be part of the global supply chain in every single sector.\u201d<\/p>\n
Jin said China should raise its internal consumption to harmonise its trading relationships, with opportunities to be found in the services sector and in the smaller Chinese cities that young people were flocking back to.<\/p>\n
\u201cIt will be fantastic if the yardstick competition on the local governments can put consumption as one of the measurements of success,\u201d she added.<\/p>\n","protected":false},"excerpt":{"rendered":"While eye-catching technological breakthroughs \u2013 led by the DeepSeek artificial intelligence (AI) model \u2013 have boosted confidence in…\n","protected":false},"author":3,"featured_media":18203,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[17436,64,74,15323,17437,17429,2013,79,17431,17430,17432,17433,17435,12285,67,132,68,17434],"class_list":{"0":"post-18202","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-annual-meeting-of-the-new-champions","9":"tag-business","10":"tag-china","11":"tag-chinese-government","12":"tag-communist-party","13":"tag-consumption","14":"tag-deepseek","15":"tag-economy","16":"tag-eswar-prasad","17":"tag-jin-keyu","18":"tag-joseph-luc-ngai","19":"tag-li-qiang","20":"tag-qiushi","21":"tag-summer-davos","22":"tag-united-states","23":"tag-unitedstates","24":"tag-us","25":"tag-zhu-min"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114753605760523789","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/18202","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=18202"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/18202\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/18203"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=18202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=18202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=18202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}