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Chinese consumer spending is set to double by 2030, Morgan Stanley predicts
Chinese consumer spending is set to more than double in 10 years, with an emphasis on services rather than goods, Morgan Stanley analysts predicted in a roughly 200-page report released Wednesday. By 2030, China’s private consumption is set to reach $12.7 trillion, about the same amount that American consumers currently spend, the report said. That figure is also up from Morgan Stanley’s forecast three years ago of $9.7 trillion, and the $5.6 trillion Chinese consumers spent in 2019. Spurring this expected growth are: greater government emphasis on policies to support the domestic Chinese economy, increases in ... (full story)