SINGAPORE (Mar 20): Domestic demand is a much larger portion of the Chinese economy than during the GFC, and the Chinese consumer has become an important aspect of domestic demand. “In 2019 China’s retail sales amounted to US$5 trillion ($7.1 trillion) compared to US$5.5 trillion in the US. In 2012, Chinese retail sales were valued at US$3.7 trillion while the US’ was US$4.3 trillion. So the gap has closed quite fast,” says Suan Teck Kin, head of research at UOB Global Economic and Market Research.

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