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Consumers hold the key to growth

By Chen Jia  (China Daily)

08:27, December 14, 2012

Over the next 10 years, consumption will overtake investment to become the most powerful engine of China's economy.[Photo/ China Daily]

China's economic expansion will depend on domestic demand maintaining 7 to 8 percent growth year-on-year in the next decade, as exports may see single-digit growth in the long term amid the dim global outlook, Bank of China said on Wednesday.

Consumption, combined with investment, will boost the world's second-largest economy by 8 percent in 2013, with a slight rebound of inflation to 3 percent, according to the report, released on Wednesday.

Over the next 10 years, consumption will overtake investment to become the most powerful engine of China's economy, supported by the "income-doubling plan" until 2020 presented at the 18th National Congress of the Communist Party of China in November.

In order to achieve the ambitious plan, the annual average growth of urban and rural per capita income will need to be as high as 7.18 percent, and "it is achievable", the report said.

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