China's Economic Shift Towards Consumer Spending to Be Gradual, Says Central Bank Adviser

China's transition towards a consumer-driven economy is expected to be a prolonged process, according to a central bank adviser. Bloomberg posted on X, highlighting the challenges faced by the nation in shifting its economic focus from investment and exports to consumer spending. The adviser emphasized that while the government is committed to this transformation, it will require significant time and effort to achieve substantial results. The shift is part of China's broader strategy to ensure sustainable economic growth and reduce reliance on external factors. The adviser noted that structural reforms and policy adjustments are necessary to facilitate this transition, which aims to enhance domestic consumption as a key driver of economic activity. The central bank's role in supporting this shift includes implementing measures to boost consumer confidence and spending power. However, the adviser cautioned that the process would not be immediate, as it involves overcoming various economic and social challenges. The gradual nature of this transition underscores the complexity of reorienting the world's second-largest economy towards a more balanced and resilient growth model.