Bleak Economic Outlook and Lack of Reforms Stifle Consumer Spending in China

China's recent measures to support the property sector, such as lowering interest rates on mortgages, are unlikely to have a significant impact on consumer spending due to a bleak economic outlook and lack of broader reforms. While these measures aim to boost consumption, analysts believe consumers lack the means to increase their spending power. Analysts argue that the most effective way to encourage spending is to transfer resources to consumers from other sectors, rather than household savings. Chinese depositors hesitate to spend money due to a lack of confidence in the economy and uncertainty in businesses and income.