China Should Expand Consumption to Boost Economic Recovery: Daily

China should focus on expanding consumption to further the economic recovery as a potential boom in real estate prices and credit loans will cause debt risks and suppress consumption among young people and the lower-middle class, Peng Wensheng, the chief economist from CICC wrote in the commentary posted on the People's Daily on Thursday. China should prevent housing speculation and the old development model of using real estate and investment to drive up demand, wrote Peng. Future monetary policies should play a bigger role in income distribution and providing transfer payments to the poor, Peng wrote.