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Consumption powerRoach said deeper issues, namely reforms, were overlooked by pessimistic analysts. "The Chinese economy is in the midst of an extraordinary structural transformation - with a manufacturing-led producer model giving way to an increasingly powerful services-led consumer model." The transition is being briskly pushed forward by China's middle class, a growing group generous in spending and fastidious in quality that will likely dominate the demographic structure in next decades. Homi Kharas, now with the Brookings Institution, predicted in an OECD working paper that China will add 850 million to its middle class by 2030, which means the group will account for 73 percent of the population. In contrast, Europe will add only 16 million and North America will see a decline of 16 million. The trend forecast by Kharas will reshape the landscape of both China and the world. "China will have a 9.7-trillion-dollar consumer market by 2030, the largest in the world," according to a lengthy report by Morgan Stanley, which predicted the world's second largest economy will become a high income country at that time.The predicted picture is yet to come true, but preliminary effects have already been felt. Consumption contributed 63.4 percent of economic expansion in the first half (H1) of the year, outshining old engines of investment and exports. Innovation-inspired miracle Encouraged by robust domestic demand, Chinese companies, dissatisfied with churning out unprofitable, inferior small wares, are striving to climb up the industrial value chain to master the technology essential for creative, quality products.The output of high-tech and equipment manufacturing rose 13.1 percent and 11.5 percent in H1, respectively, outpacing the 6.9-percent increase of the broader industry. Emerging sectors including new energy and new materials also picked up speed. From high-speed trains to shared bicycles and mobile wallets, Chinese innovation is shaking up the global tech world and people's daily lives. China moved up the list of the world's top 25 innovative economies, rising three notches from 25 to 22, according to a key innovation index jointly released in June by the World Intellectual Property Organization, Cornell University and INSEAD. The country was top in a number of sub-rankings, including domestic market scale, human resources, patents by origin, high-tech exports, and industrial design by origin. Despite a slower growth pace, the China miracle is not over but has entered its second phase focusing on consumption, technology and innovation, advanced manufacturing, and services, Michael Zakkour, China vice president at consulting firm Tompkins International, said in an article on Forbes.

Consumption for gold products in the Chinese market has increased by 23.1 percent year-on-year in the third quarter, the World Gold Council reported.

Considering the circumstances in China, which faces a decline in labor force due to an aging population, a mismatch between skills offered by employees and skills needed by companies, as well as uncertainties in international environment and other risks like COVID-19, stabilizing the job market is of high priority.

Constantino referred to the landmark 2015 Paris climate treaty where 195 signatories agreed to cut emissions as a way to keep the global temperature rise this century at less than 2 degrees Celsius above pre-industrial emissions levels. They also agreed to pursue efforts to limit the rise to 1.5 degrees Celsius.

Countries, like companies, have to change their business models as world circumstances change.