# Prof. Michael Spence discusses the importance of increasing domestic consumption in China

1 Faculty News October 4, 2013 ![China Daily logo](/sites/default/files/styles/246w/public/assets/images/con_030721.jpg?itok=tg2Q-bhu)>

Excerpt from [China Daily](http://africa.chinadaily.com.cn/weekly/2013-10/04/content_17009475.htm) -- "'The supply side shifts are important and necessary, but for China not sufficient. The demand and income side restructuring is also a key component,' \[[Spence](http://www.stern.nyu.edu/faculty/bio/a-michael-spence)\] says. He agrees that there should not be major credit expansion to fuel consumption but higher domestic consumption is a fundamental part of rebalancing the economy."

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