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This month, international media are understandably focused on the Chinese Communist Party's 19th National Congress, a carefully choreographed event that will reveal who's "in" and who's "out" with Chinese President Xi Jinping.First, will the modest rise of the Chinese consumer continue to fuel 6-7 percent annual growth?As for the first question, despite the slower growth trend this year, China will still add around $1 trillion or more to its nominal GDP, giving it a $12 trillion economy by the end of this year – nearly double the economy's size in 2010 . The growth of Chinese consumption is easily the most important factor in global consumption growth today.If Chinese consumption growth were to continue on its modest upward trajectory until 2020, it would account for just over 41.5 percent of GDP, which is to say, almost another $2 trillion. To be clear, I do not think that the BRI is as important as the Chinese consumer to the world economy.The BRI stands to have a direct effect on as many as 65 countries, including Russia and India, which along with China constitute three of the four BRIC countries (the other one is Brazil).
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