Role of consumption limited

Upgrading manufacturing industries and developing new advantages are crucial to sustaining economic growth

The decrease in developed economies' demand has taken its toll on China. The recent inspection visits across the country by top national leaders signify decision-makers' concerns about economic growth, as well as their resolve to take this opportunity to transform China's economic structure.

There can be no retreat from the transformation. China's economy is confronted by various challenges, such as slowing growth, rising costs and increasing uncertainties at home and abroad. But can the economy rely on consumption to regain its rapid rate of growth? The answer is no.