INVESTING IN PEOPLE<\/p>\n
Two phrases were paired throughout the report – investing in \u201cphysical things\u201d and \u201cpeople\u201d.<\/p>\n
Lin described \u201cinvesting in people\u201d as \u201cthe counter-narrative to pure infrastructure spend\u201d.<\/p>\n
It comes with a concrete new mechanism: the Urban and Rural Residents Income Growth Plan, first called for at December’s Central Economic Work Conference.<\/p>\n
HKU\u2019s Wong traced the concept to the early years of Xi\u2019s administration but said COVID and the first Trump trade war delayed its full articulation.<\/p>\n
\u201cInvestment in people, whilst having been an important principle for a decade, was only able to gain proper policy salience after China emerged from that double whammy,\u201d he said.<\/p>\n
On what would actually shift household behaviour, Wong pointed to the safety net.<\/p>\n
Short of revitalising the real estate sector, he said, improving social security and instilling confidence in long-term economic prospects is the only viable path to unlocking consumption.<\/p>\n
\u201cYou don’t need to worry as much about saving for a rainy day\u201d if the safety net holds, he said – and that, in his view, is the precondition for everything else.<\/p>\n","protected":false},"excerpt":{"rendered":"INVESTING IN PEOPLE Two phrases were paired throughout the report – investing in \u201cphysical things\u201d and \u201cpeople\u201d. Lin…\n","protected":false},"author":2,"featured_media":534828,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[254,64,63,99,512,37334,164,254888],"class_list":["post-534827","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-artificial-intelligence","tag-au","tag-australia","tag-business","tag-china","tag-china-economy","tag-economy","tag-two-sessions"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/534827","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=534827"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/534827\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/534828"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=534827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=534827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=534827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}