Endogenous consumption driving and sustainability of macroeconomic development in post-coronavirus China

ABSTRACT

The outbreak of Covid-19 has generated a significant impact on China’s national economies. In Post-Coronavirus China, the macro-economic development situation must be undergone new and substantial changes with a trend from a production-driven economy to a consumption-driven economy. With the proposal of China’s strategy of expanding domestic demand, endogenous consumption has become the main driving force of current economic growth. With the transformation and upgrading of the consumption structure and the continuous promotion of structural reforms on the supply side, the essential role of consumption in economic development will be more sustainable. The new model for China’s economic and social development is to cultivate new consumer markets, continuously increase people’s income level and consumption capacity, and accelerate the construction and growth of crucial consumptions. It should become a new and long-term policy for China’s macro-economic development.

KEYWORDS:

• Consumer market
• consumption capacity
• endogenous consumption
• growth mode
• sustainability

JEL CLASSIFICATION:

• A13
• B22

Disclosure statement

No potential conflict of interest was reported by the author(s).

Additional information

Funding

This work was supported by the National Social Science Fund Youth Project “Non-parametric methods in nonlinear cointegration time series and its application [No.11CTJ003].