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People's Daily Online>>China Business

Consumption greatly promotes China’s economic growth

(Beijing Daily)

16:48, February 23, 2012

Edited and translated by Han Shasha, People's Daily Online

According to the Statistical Communiqué on the 2011 National Economic and Social Development, China’s final consumption accounts for 51.6 percent of its economic growth, up more than 10 percent over last year.

Data from the International Monetary Fund show recently that global economic growth rate would reach 3.8 percent in 2011, U.S. growth rate would be 1.8 percent and the European Union's 1.6 percent. China’s GDP totaled 47 trillion yuan, up by 9.2 percent compared with 2010.

The completed investment in fixed assets of the country in 2011 was more than 31 trillion yuan, up by 23.6 percent over the previous year. In 2011, the total retail sales of consumer goods reached 18.3 trillion yuan, a growth of 17.1 percent over the previous year.

The total value of imports and exports in 2011 reached 3.6 trillion U.S. dollars. Of this total, the value of goods export was 1.9 trillion U.S. dollars, up by 20.3 percent, and the value of goods import was 1.7 trillion U.S. dollars, up by 24.9 percent. The balance of imports and exports was 155.1 billion U.S. dollars, a decrease of 26.4 billion U.S. dollars over the previous year.

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