Wealth gap curbing consumption (2)

The survey was echoed by research conducted earlier this year by a team led by Li Daokui, professor of economics and finance at Tsinghua University.

Since the official consumption data compiled by the National Bureau of Statistics (NBS) mainly represents lower-income families in the country, the university's theoretical model opted to use adjusted retail sales figures in China to include a broader sample of the population, Li told the forum Sunday, which was held by the China Europe International Business School.

Li's research indicated that the share of consumption in gross domestic product (GDP) grew to 41.6 percent in 2011 from around 36 percent in 2007. But the official NBS data found that the ratio declined to 33.5 percent in 2011, Li said.

The research also found that the increase in consumption during the past five years was mainly derived from spending on basic goods, Li said.

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