[sfcguyus]

The rebalancing China needs is towards domestic consumption, even for itself to be more sustainable. What this has done is reduced investment and worsened consumption. It isn't really what the leadership want. China currently retains near the lowest consumption-as-a-proportion of GDP worldwide.

Controlling the Chinese economy is relatively easy with the state corporation machinery through the investment component and brings in robust economic growth in GDP numbers, but consumption really sags.

FWIW the entire western economic system canters around the consumption portions of GDP. That's why everyone loves to export to the US/Europe/Australia. Consumption is resistant to short term economic shocks.

You'll have many around here boasting higher saving rates in Asian nations, but these are the reasons the economies are far behind (inc Japan). Look at the other side of savings, more spending means more is earned as well creating a net social surplus for everyone beyond the private scale of saving. It takes exports to make up for this shortfall.