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The
author argues that the main reason for
China’s excessive dependence on foreign
markets is underconsumption. That, in
turn, is more due to a low share of household
income and a high share of profits. In
the present circumstances, China can no
longer maintain such high growth rates
for its exports, and, therefore, needs
to turn to consumption-led growth by expanding
the share of wages and household income
in GDP and accelerating public spending
in social infrastructure.
April 4, 2011.
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