Yellen: Haven’t yet seen a China policy to fix its low consumer spending

(Reuters) – U.S. Treasury Secretary Janet Yellen on Tuesday said she has not yet seen policies announced by China that would address its low level of consumer spending as a share of its economy.

“Our view has been that raising consumer spending in China as a share of GDP (gross domestic product) is really important, along with measures to address problems in the property sector,” Yellen said at a press conference at the start of the International Monetary Fund and World Bank annual meetings in Washington. “So far I would say I haven’t really heard any policies on the Chinese side that address that.”