Former Morgan Stanley Asia chairman Stephen Roach said China must target consumption accounting for half of economic output over the next decade, joining a growing chorus of calls from economists worried about the Asian nation’s outlook.
“They need a new source of growth, and the Chinese consumer is that source,” the economist and senior fellow at Yale Law School’s Paul Tsai China Center told Bloomberg TV on Thursday. “They have to be much more aggressive in establishing a target for what they’re trying to achieve in the upcoming 15th Five Year Plan.”