Report
China’s shift to a consumer and service economy completely transforms its role in the global economy
China’s economic model has been overhauled: growth is driven by consumption and services and no longer by investment, exports and industry. Accordingly, the private savings rate is falling, foreign trade is stagnant and the external surplus is disappearing. This completely transforms China’s role in the global economy: China no longer drives global trade, global growth or commodity prices; China no longer accumulates foreign exchange reserves or finances the United States’ external deficits; China’s market for industrial products is becoming much less attractive for foreign companies and industry is offshoring out of China.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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