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Rising spending power would provide a boost to confidence and could help lift the economy out of recession.
"While business confidence has notably waned in recent readings, consumer confidence appears to have remained robust, supported by rising spending power, improved credit availability and continued increases in house prices," he added.
Alibaba is therefore merely stating the obvious when its stock exchange listing documents declare: "Our business benefits from the rising spending power of Chinese consumers".
Most of them have been China-focused, to tap into what the company calls the "rising spending power of Chinese consumers", according to its IPO prospectus.
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It is possible that domestic demand is being boosted by a recovery in investment and by rising consumer spending power.
For now, though, the focus is very much on Southeast Asia, where e-commerce spend is forecast to grow from $5.5 billion in 2015 to $88 billion in 2025 fueled by increased internet access and rising consumer spending power.
As Chinese incomes, now $800 per capita, keep rising, the new spending power is likely to continue to pay dividends on Konosuke Matsushita's charity.
Faint-hearted reforms, policy zigzags, yielding to vested interests, prizing popularity above making hard decisions, pretending that "everything was possible: ever bigger rises in spending power, ever lower taxes".
But unemployment is rising, which will curb spending power, and those still in work are likely to save more.
But after a decade of stagnating spending power, rising taxes and a brain drain to the United States, Canada's frustrated conservatives are showing a greater willingness to unite.
"As unemployment rises, people will be increasingly worried about losing their jobs and any rise in consumer spending power from lower inflation and falling rates won't be significant enough to boost the economy".
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