In a recent interview with ChinaPerspectives, Zhang Bin, a senior researcher at the China Finance 40 Forum and a national political adviser, said that the country's latest policy package of counter-cyclical adjustments is aimed at promoting a robust recovery in incomes of the whole society.

"Boosting consumption is not just about stimulating consumption tendency and creating consumption scenarios, but more importantly, it's about increasing people's incomes," said Zhang, who is also deputy director of the Chinese Academy of Social Sciences' Institute of World Economics and Politics.

According to Zhang, consumers' spending tendency — their spending per 100 yuan of income — has risen to about 67 yuan as of the third quarter, almost back to pre-pandemic levels, leaving very limited room for consumption growth if incomes stay unchanged.

Dong Yilang contributed to this story.