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...will buy remains an open, and crucial, question. Even though Chinese are becoming wealthier, they are actually saving a greater percentage of that new wealth. Cornell University economist Eswar Prasad figures that China's average urban household saving rate reached 28% of disposable income in 2008 - 11 percentage points higher than in 1995. As a result, the role consumer spending plays in China's economy continues to head in the wrong direction. Private consumption accounted for a mere 35% of GDP in 2008, down from 46% in 2000. China's ratio stands at about half that in the United States...
...systems deeper into the countryside to give farmers better access to credit to start small businesses. MasterCard's Hedrick-Wong argues that China should also open up service industries now dominated by large, state-owned companies, such as finance, to allow new entrepreneurs to flourish, creating more jobs with higher wages...
...says. "Its always difficult to get consumption to grow in a limited period of time." Greater consumer spending in China could have a big impact as well on the world economy. Cornell's Prasad figures that if China can increase growth of private consumption to 20% a year (much higher than the trend of nominal GDP growth of about 15%), global GDP growth would get a meaningful 0.25% boost. (See TIME's China covers...
...meantime, he seemed to be suggesting, it was important to make a public show of unity and a promise of greater engagement to come. Perhaps after that, he can begin to find solutions to the more challenging problems. As Obama concluded his speech, his rhetoric soared even higher. "At this moment of renewal," he said, "in this land of miracles, history tells us it is possible." The audience of dignitaries and diplomats offered their applause...
...other words, "If you put one high-fare, loss-making airline together with another high-fare, loss-making airline," Michael O'Leary, head of low-cost rival Ryanair, told Bloomberg, "you will get an airline with higher fares making much bigger losses...