Consumption becomes 2nd largest economic growth driver

14:57, December 29, 2009      

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China's GDP in the first 3 quarters of 2009 increased by 7.7 percent, to which residents' consumption contributed 4 percentage points. Residents' consumption has replaced foreign trade to become China's second largest economic growth driver.

Analysis shows that quite a number of policies on consumption stimulation that China has introduced are an important driving force in promoting China's economic growth.

China's urban and rural residents' consumption growth reached a new high over the past years under the guidance of policies. Total retail sales of consumer goods in the first 3 quarters of 2009 increased by 17 percent. It is particularly worth noticing that China's rural consumption market has already been launched. Rural consumption witnessed an "explosive" growth and the increase rate was greater than urban spending for 11 consecutive months, indicating a significant change in the consumption structure.

By People's Daily Online
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