Understanding China's new consumption reality

BEIJING, Oct. 18 (Xinhua) -- As China prepares the 15th Five-Year Plan (2026-2030) for its next development phase, the resilience of its consumer market, with domestic demand being tapped as a main growth engine, is under scrutiny.

For years, the chatter of a "consumption downgrade" in China has sporadically made the headlines. This narrative often goes -- Chinese consumers are tightening their belts as the econo