At the 15th Annual Meeting of the New Champions (Summer Davos Forum), experts discussed potential for China's high-quality growth through consumption, with a shift towards advanced services and supply-side upgrades.
Amidst domestic demand concerns, China has the potential to enhance its high-quality growth through consumption, according to experts and entrepreneurs at the 15th Annual Meeting of the New Champions, also known as the Summer Davos Forum. Former IMF deputy managing director Zhu Min emphasized China's transition to a higher-income country, with a shift in consumption from basic goods to advanced services such as education, healthcare, entertainment, and tourism. Zhu stated the need to upgrade supply-side offerings to cater to the evolving consumer needs.
June 26, 2024
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