Consumption still seems to be increasing though.

The population is shrinking but it's not disappearing and it's also becoming much richer.

You could probably wipe out 90% of the Chinese population and still consume more than the rest of the world combined.

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The question isn't whether they are consuming something. It's whether they're consuming as much of the somethings being exported.

Wealthier people tend to consume more services and fewer goods.