PBOC Adviser Warns Long Road Ahead for China’s Consumption Pivot
Shoppers in the Nanjing East Road retail area in Shanghai during the Lunar New Year holidays.
Photographer: Qilai Shen/BloombergChina’s effort to pivot its economy toward consumer spending will take a long time, according to a central bank adviser, even as Beijing adopts a softer growth target to signal a greater focus on rebalancing its growth drivers.
Huang Yiping, a member of the monetary policy committee at the People’s Bank of China, told Bloomberg TV on Friday that investors should temper expectations for “aggressive” stimulus as the government doesn’t see itself in a “crisis time.”