The fall in consumer lending in China in the past two months has been incredibly steep. If this continues, the growth in consumer debt that allowed Chinese consumption to grow faster than household income will reverse, meaning that...
https://www.scmp.com/business/china-business/article/3079307/chinas-us1-trillion-consumer-loan-bubble-bursting-army">https://www.scmp.com/business/... via @scmpnews

...consumption must now grow more slowly than household income (whose growth will itself probably drop this year).

Faster consumption growth means there is less pressure on Beijing to increase non-productive investment to meet the growth target. By the same token slower...

...consumption growth means more pressure. Basically all this growth model does is switch the locus of debt creation between businesses, households, local governments, and the central government.