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Consumption Market Set to Boom
In the second half of this year, China's consumption market will continue to grow at a rapid pace and domestic consumption will enter a new phase.
However, further effort is needed to stimulate China's consumption, which remains dormant, Chinadaily reported Friday.
During the first six months of this year, following the implementation of a successful national macro-economy policy, crafted as a way of promoting domestic demand and stimulating sluggish consumption, China's economy has witnessed robust development. Investment and exports have grown consistently and quickly. People's consumption patterns have also changed.
The total volume of retail sales of consumer commodities during the first half of the year climbed to 1,624.8 billion yuan (about 196 billion U.S. dollars), 10.1 percent higher than that of the same period last year.
The encouraging changes in China's consumer commodities markets will boost the development of the national economy, the paper predicted. The production mix of enterprises is readjusting quickly and more new products are entering the market. In particular, the production of communication equipment and electronics has grown at a rapid rate.
China must make strenuous efforts to re-adjust income distribution and nurture a healthy consumer environment conducive to the revitalization of public consumption demands.
The paper also suggests that the State should focus on five kinds of consumer goods including commercial housing, automobiles, education and arts, products related to tourism consumption and high-tech electronic and communication commodities.
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