As crowds shouted and pushed for the latest iPhone in Beijing last Friday, a glitzy mall across the street was bathed in silence, with just a handful of shoppers hunting for bargains.
The frenzy at the Apple store underscored the rise of the Chinese consumer, a development analysts say is needed to support the global economy and make China’s growth more sustainable.
But the empty Soho complex casts a different light on what is happening in the world’s second-largest economy: consumption is rising, but not nearly as fast as vast shopping centres are being built.
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