Data from the recently ended Spring Festival celebrations showed that China’s consumer part of the economy is buoyant. Above, a family attends a temple fair at Xiaoyan Pagoda in Xi’an, capital of northwest China’s Shaanxi province, to celebrate the Lunar New Year. Photo: Xinhua
Aidan Yao
Opinion

Opinion

Macroscope by Aidan Yao

Stable consumer-led growth a must for China’s economic transformation

But three possible headwinds for the household sector in 2018 – correction in property prices, slowdown in consumer credit growth and easing of wage growth – could set back China’s plans

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Data from the recently ended Spring Festival celebrations showed that China’s consumer part of the economy is buoyant. Above, a family attends a temple fair at Xiaoyan Pagoda in Xi’an, capital of northwest China’s Shaanxi province, to celebrate the Lunar New Year. Photo: Xinhua
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Aidan Yao

Aidan Yao

Aidan Yao is senior emerging Asia economist at AXA Investment Managers. Prior to joining AXA IM, he was a senior financial market analyst at the Hong Kong Monetary Authority for two years. He started his career at the Reserve Bank of New Zealand in 2007, serving as an economist and later senior financial market analyst until late 2011. He holds a master degree in finance (2006) and a bachelor degree in economics and finance (2005) from the University of Otago (NZ). He is also a chartered financial analyst.