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Domestic consumers remain impacted by the 2021 property market crash, keeping the consumer confidence index below 90 points while youth unemployment remains above 15 percent.
The State Council pledged strategic interventions this week to counteract these persistent domestic market vulnerabilities, vowing to “expand domestic demand as the strategic bedrock ...
and better leverage consumption's foundational role in economic development.”
Analysts state that current official methods fail to address the core financial anxieties of local households, limiting the effectiveness of spending subsidies.
“Beijing is doubling down on its failed approach to consumption.
Until the material well-being of Chinese households improves, no amount of product innovation will loosen their wallets,” the firm Trivium China said.
Data showed a stark divergence between sectors, with industrial production rising 5.3 percent in the year to June while corporate capital investment dived 5.7 percent in the first half of the year.
“Continued to paint a picture of a K-shaped recovery,” said Jian Chang, an analyst at Barclays.
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Traditional sectors like construction and low-tech manufacturing continue to lag far behind advanced industries such as renewable energy, artificial intelligence, and robotics.
