Yes more consumption is their flagged strategy, but more...

Yes more consumption is their flagged strategy, but more consumption is dependent on growing wages, which would only accelerate the flight of manufacturing to other countries, and it ignores their population having peaked and now starting to shrink. And it is consumption and the services sector that disproportionately suffers from the kinds of extreme policies you're currently seeing in places like Shanghai and Hong Kong.

It was always anticipated that China's population would flatline and then decline, but this was always seen as off in the distance, post 2030. The collapse in births in recent years was quicker than the CCP and most commentators had predicted.