Slow pace of China’s transition adds to Asian export woes
China’s economic rebalancing is likely to take longer than previously expected, leaving Asian exports. Speaking on 14 June at a KBank seminar for customers on the outlook for the economy, interest rates and foreign-exchange rates, Pareena Phuangsiri, senior specialist at the division, said that while Beijing’s attempt to move to a domestic-consumption-driven economy had lifted the level of consumption to gross domestic product from 35 per cent to 37 per cent in the past two years, the ratio was still well below the average of around 70 per cent for advanced markets.
