China doubling down on consumption as route out of export reliance: ex-PBOC official

China is pushing consumption to grow faster than overall economic expansion as the nation accelerates a shift to domestic demand-driven growth amid external criticism over trade imbalances, a former deputy governor of the People’s Bank of China said at the World Economic Forum. “The policy says consumption growth [should be] stronger than GDP growth … [and] income growth will be higher than GDP growth,” Zhu Min said in Davos, Switzerland, explaining that this is the key performance indicator for...