Part 6/15:

This marks an alarming paradigm shift; for nearly twenty years, property had fueled China's rapid economic expansion, and now that cycle appears to have ended.

Consumption and Structural Reforms: The New Economic Battleground

The decline in property is intertwined with broader challenges in stimulating domestic consumption—traditionally a pillar of economic growth. China's top economic planner, the National Development and Reform Commission (NDRC), has acknowledged that household consumption in 2024 accounted for just 39.9% of GDP—significantly lower than in developed nations.