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. Click here to subscribe to our channel 👉🏽 https://bbc.in/3VyyriM 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. Watch more episodes of Asia Specific here 👉🏽    • Asia Specific   Instagram: @bbcworldservice 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 ---------------- This is the official BBC World Service YouTube channel. If you like what we do, you can also find us here: Instagram 👉🏽   / bbcworldservice   Twitter 👉🏽   / bbcworldservice   Facebook 👉🏽   / bbcworldservice   BBC World Service website 👉🏽 https://www.bbc.co.uk/worldserviceradio Thanks for watching and subscribing! #BBCWorldService #WorldService #china #chinaeconomy #asia