Why can't China get people to spend? - Asia Specific podcast, BBC World Service

China is famous for making products the world wants to buy, but inside the country, consumers are spending far less than the government would like.

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A property slump, high youth unemployment and weak confidence have left many households choosing to save instead of spend, making it harder for China to shift its economy away from relying on exports.

The Chinese government has introduced a range of measures to encourage spending, from consumer subsidies to a new five-year consumption plan.

But why haven't these policies delivered the results Beijing hoped for? And is China's low consumer spending simply a temporary problem, or a sign of deeper structural issues?

In this episode, host Mariko Oi speaks to Bloomberg Opinion columnist Juliana Liu and Asia Pacific economist Max Zenglein from The Conference Board about why Chinese households save so much, whether Beijing's latest policies can work and why China's spending habits matter not only for its own economy but also for the rest of the world.

00:00 Introduction
01:39 China’s economic challenges today
02:51 How weak is consumer spending in China?
04:11 Why China needs consumption, not just trade
05:14 How China compares with other major economies
06:41 Which Chinese products are still winning overseas buyers?
07:35 Beijing’s economic priorities right now
09:10 What the new Five-Year Plan signals
10:08 The policies designed to boost consumer spending
11:21 Will consumption become China’s top economic priority?
12:28 Why the world should care about Chinese consumers
13:50 The challenges China will face as it pushes consumption

This episode was recorded on 27 July.

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Email: asiaspecific@bbc.co.uk
Presenter: Mariko Oi
Producers: Derek Cai, Rachel Lee, Cordelia Lee
Camera: Muhammad Firdaus Bin Mohd Ansary, Rosalehin Bin Rosli
Editor: Bill Birtles

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