Western companies are increasingly counting on China to deliver growth not available elsewhere, but the country’s consumers remain reluctant to boost their domestic spending, according to a survey of consumer attitudes published by the Economist Intelligence Unit.
“Chinese consumers, both urban and rural, although optimistic about the future, remain big savers and cautious spenders, despite their government’s concerted effort to stimulate domestic demand,” the EIU said on Friday.
In spite of a Rmb4,000bn ($589bn) stimulus package, targeted tax breaks and other incentives to boost sales of cars and appliances in rural areas last year, “concerns about healthcare, education and retirement continue to restrain consumption”.
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