China’s gross domestic product barely grew in the second quarter while Covid lockdowns stifled growth. Those restrictions have eased. But Covid controls remain an uncertain overhang while the country awaits a quarterly gathering of policymakers expected at the end of the month.

But even if Covid restrictions ease, China still has untapped growth potential for the next few years, the economists said. For one, the country’s income levels — and theoretically spending — have much room to grow.

China’s per capita GDP in 2021 was less than a fifth of that in the United States, and adjusted net national income per capita was about one-seventh of that in the United States, according to World Bank data.

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