The American consumer has been the single-most important engine for the global economy for the longest time. When the American economy motored along, exporters from Hamburg to Yiwu were happy shipping consumer goods to Walmart and Costco. On the other side of the Pacific, another force is gathering strength. Chinese household spending has risen steadily over the years. According to a measure of private consumption per capita compiled by the World Bank, Chinese household spending has risen from a paltry $664.5 in 2000 to $3,148.2 in 2018.
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The American consumer has been the single-most important engine for the global economy for the longest time. When the American economy motored along, exporters from Hamburg to Yiwu were happy shipping consumer goods to Walmart and Costco. On the other side of the Pacific, another force is gathering strength. Chinese household spending has risen steadily over the years. According to a measure of private consumption per capita compiled by the World Bank, Chinese household spending has risen from a paltry $664.5 in 2000 to $3,148.2 in 2018.