Push on to up consumption's GDP share

Expert: Protectionism, decoupling would end up damaging all parties

China is seeking to increase the share of consumption in GDP to more than half within the next decade in order to achieve a smooth transition in growth engines amid property sector adjustments and rising risks of slowing global trade, said a top economist.

Zhu Min, former deputy managing director of the International Monetary Fund and former deputy governor of the People's Bank of China, the country's central bank, warned that the share of world trade in GDP could drop due to the United States' potential tariffs.

Speaking at the 2024 US-China People's Dialogue in Beijing, Zhu said that the Chinese economy now faces challenges on both external and domestic fronts, ranging from low global economic growth and sluggish world trade to real estate oversupply and local government debt issues.