China Economy

Workers cleaning windows of a building are seen behind China's national flag at a commercial district in Beijing in this April 20, 2015 file photo. Some Chinese banks, hit by a surge of troubled borrowing in a weakening economy, are increasingly failing to recognise loans gone sour on their books to avoid having to stump up capital. To match CHINA-BANKS/NPL REUTERS/Kim Kyung-Hoon/Files

China’s services sector is growing, but far too few Chinese are spending

Structural change and rebalancing are formidable undertakings for any economy. China has been focused on these objectives for five years – seeking to transform a powerful yet unbalanced growth model based largely on exports and investment into one driven increasingly by its consumers.