Beijing must upgrade policy toolkit to boost consumer spending, adviser says

Even though the Chinese economy continues its rapid recovery from the coronavirus shock, Beijing’s traditional policy prescriptions are too outdated to be successful in igniting a strong improvement in subdued consumer spending, a prominent adviser to the central government has warned.More policy efforts to redistribute income and improve public welfare are needed, as well as more direct support for individual consumers, said Wang Yiming, vice-chairman of the China Centre for International…