Domestic Consumption is Key to China's Sustainable Economic Growth

The recent financial crisis may have served as a catalyst for China to shift attention to developing homegrown consumption - which we have long believed is key to its long-term sustainable economic growth.

Henry Zhang, CFA, 29.07.2009
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The recent financial crisis may have served as a catalyst for China to shift attention to developing homegrown consumption - which we have long believed is key to its long-term sustainable economic growth.

On my trip, I visited Harbin, a major northeastern city traditionally known for its agriculture and power equipment manufacturing, as well as its annual ice and snow sculpture festival. Harbin, like many other cities in China, has transformed itself completely since I last visited there some 15 years ago. Aside from new buildings and wider streets, heavy traffic congestion within the city has become the norm rather than the exception due to the widespread ownership of private vehicles. When I toured a large local underground mall during lunch hour, I was quite surprised to see a

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