China needs a consumer revolution to hit growth goal

China’s National People’s Congress extravaganza was a good news-bad news affair for global investors.

Good, in that Xi Jinping’s Communist Party reassured the economics world that China plans to get very micro to fix its macro challenges. Bad, in that Xi’s team really needs to deliver on its policy pledges, lest China loses even more credibility with global investors.

On the upside, the NPC prioritized reinvigorating private businesses, leveling playing fields and shrinking the role of state enterprises for growth and jobs. It also vowed to move past the regulatory crackdowns, including on tech, that previously sent investors for the exits.