China’s Third Plenum Wants to Raise Household Income. That’s Good News for the US.

Quick Summary:

Planned reforms could indirectly help balance China-U.S.trade by boosting consumption, thereby reducing political hostility between the two major powers.

Between 2001 and 2018, Chinese imports of goods from the United States amounted to only 23 percent of what China exported to the U.S., compared to a ratio of 72 percent for U.S.trade with the rest of the world.

Household disposable income typically accounts for two-thirds of a country’s GDP to sustain household consumption at 50-65 percent of GDP, as was the case in China in the early 1980s.

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Article Details

Author / Journalist: Fuxian Yi

Category: Economy

Markets: United StatesBangladeshChinaHong KongIndiaJapanSouth KoreaMyanmarOmanTaiwanVietnam

Topics: Disposable China’s Consumption Share Household Income Political Chinese Trade China Percent

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-31 @ 00:31:00 (4 days ago)

News Timezone: GMT +8:00

News Source URL: thediplomat.com

Language: English

Article Length: 3354 words

Reading Time: 19 minutes read

Sentences: 143 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Diplomat

News ID: 21906275

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