Vin Diesel has just given Chinese Premier Li Keqiang something to smile about.
Beset by a property slump, overcapacity and question marks over external demand, Li is seeking to foster consumption to pick up some of the growth slack. Enter Diesel and co.
The latest “Fast and Furious” car-chase movie sequel smashed the record for China’s biggest one-day box office haul, taking in $63.2 million and easily surpassing previous record holder “Transformers 4,” according to data from EntGroup Inc., a Chinese entertainment research agency.
Perhaps the fast and furious gains on China's retail-driven stock market are fueling a wealth effect.
In 2014, consumption accounted for 51.2 percent of the economy’s expansion. Ticket sales of `Furious 7' suggest China's transition toward more consumption-led growth is gathering speed.
First quarter gross domestic product data due Wednesday is forecast by analysts to show the economy expanded 7 percent from a year earlier, the slowest pace since the first three months of 2009. That may prompt Li to add stimulus to get the economy revving again.
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