China is rolling out policy measures to boost consumption, but many consumers are tightening their purse strings and opting to save rather than spend. Photo: Shutterstock
China is rolling out policy measures to boost consumption, but many consumers are tightening their purse strings and opting to save rather than spend. Photo: Shutterstock

China’s rising living costs, economic uncertainties leave lower-income groups unwilling or unable to spend

  • Payroll growth had already started to decelerate in recent years, and the pandemic has dashed hopes for many people looking for a lifeline
  • Beijing has set its sights on boosting consumption, but it may be difficult to convince people to spend what little money they are able to save as salaries are capped or cut

Topic |   China's economic recovery
China is rolling out policy measures to boost consumption, but many consumers are tightening their purse strings and opting to save rather than spend. Photo: Shutterstock
China is rolling out policy measures to boost consumption, but many consumers are tightening their purse strings and opting to save rather than spend. Photo: Shutterstock
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