Consumers hold the key to growth (2)

"By the year 2020, the annual total consumption value is likely to reach $10 trillion, and China will become the world's largest consumption market after 10 years," said Song Liang, deputy head of the international finance research institute under Bank of China.

At that time, consumption will account for 60 percent of GDP, 12 percentage points higher than that in 2012, while investment will decline to 39 percent from 48 percent last year, the report said.

The bank predicted that total retail sales of consumer goods will increase by 14.5 percent next year from 2012.

Another recent forecast made by by the State Information Center, a government think tank, said that consumption in 2013 may grow at 14.6 percent, and the year-on-year increase of total retail sales this year is expected to be 14.2 percent.

According to the information center, China's exports will increase at a slow pace next year - about 8 percent - and import growth may be 7.8 percent.

"The increasing importance of consumption will provide impetus for economic restructuring in the future," said Cao Yuanzheng, chief economist with Bank of China.