China’s New Five-Year Plan Makes Consumption Priority, Yao Says

China’s new five-year development plan makes consumption a priority ahead of investment or exports for the first time, said Yao Jingyuan, chief economist for the country’s National Bureau of Statistics.

The nation’s worsening income inequality has a negative effect on consumption, and the key to stimulating consumption is to ensure that urban and rural household incomes grow as fast as gross domestic product, Yao said at a Caixin forum in Beijing today.

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