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People's Daily Online>>China Business

China's domestic demand gains momentum

By Xie Hongguang (People's Daily)

14:36, February 24, 2012

Edited and translated by People's Daily Online

Growth in China's investment, consumption, and net exports slowed in 2011, but remained stable and relatively rapid. Growth in domestic demand, driven by investment and consumption, gained momentum last year.

According to the statistical bulletin, China's total fixed-asset investment reached over 31.1 trillion yuan in 2011, up nearly 24 percent from the previous year.

Meanwhile, the country's total retail sales of consumer goods rose 17 percent year-on-year to nearly 18.4 trillion yuan, and total imports and exports reached over 3.6 trillion U.S. dollars, with imports rising 25 percent to over 1.7 trillion U.S. dollars and exports rising 20 percent to nearly 1.9 trillion U.S. dollars.

This led to a trade surplus of 155.1 billion U.S. dollars last year, a reduction of 26.4 billion U.S. dollars from the previous year.

From the perspective of national economic accounting, investment and consumption made greater contributions to national economic growth in 2011 than before, contributing to nearly 106 percent and 52 percent, respectively, to the country's economic growth.

Consumption's contribution rate increased 10.1 percentage points from that of 2010.Last year, gross capital formation contributed to over 54 percent of economic growth, up 1.4 percentage points from 2010.

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