Consumption contributed 37 percent economic growth last year

15:50, February 18, 2011      

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In 2010, the domestic consumer market maintained steady and rapid development, and consumption contributed 37.3 percent to economic growth, Ministry of Commerce spokesman Yao Jian said on Feb. 18

Data shows that total retail sales grew by 18.4 percent from 2009 to 2010 to reach 15.45 trillion yuan, which is 2.9 percentage points higher than the growth in retail sales from 2008 to 2009. After deducting price factors, the actual growth is 14.8 percent, with the growth rate down 2.1 percent over the previous year.

Consumption played an important role in last year's economic growth. In economic growth, consumer-driven economic growth accounts for 3.9 percent with a contribution rate of 37.3 percent.

In 2010, there was a significant increase in demand from urban and rural residents for transport, communications, housing, education, entertainment and other areas, and consumption structure changed rapidly.

There continues to be rapid development of new consumption patterns. Structural changes in consumer groups and shifts in consumer concepts promote changes in consumption patterns, leading to the rapid development of online shopping, credit card spending and other means of consumption.

According to the China Internet Network Information Center (CNNIC), in 2010, the scale of China's online shopping market transactions reached 523.1 billion yuan, an increase of 109.2 percent, equivalent to 3.4 percent of total retail sales of consumer goods.

China's Ministry of Commerce also said that it would take measures to ensure supply of daily necessities that have been threatened by rising global commodity prices and a lingering drought.

In the week ending Feb. 13, farm produce prices in China declined slightly for the first time this year, with the wholesale prices of 18 staple vegetables down 4.3 percent, according to Ministry of Commerce figures.

The ministry said that it would come up with an emergency response plan to stabilize the supply of necessities, such as vegetables, dairy products and refined oil products in 2011.

The ministry would also step up efforts to improve the links between production and sales, it said. It noted that it would keep abundant reserves of meat, sugar and vegetables in case of supply shortages.

Also, it will work to further improve reserve supplies in major cities. The ministry had designated 330 emergency commodities distribution centers and 3,100 emergency supply outlets in the country, the ministry said.

As of Feb. 13, the winter drought had affected 7.22 million hectares of wheat crops in the eight provinces of Hebei, Shanxi, Jiangsu, Anhui, Shandong, Henan, Shaanxi and Gansu.

By People's Daily Online
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