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Consumption to be the first driver of economic growth in China

(People's Daily Online)    10:03, May 13, 2015

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Consumption will be the first driver in the "three carriages" that promote China's economic growth, according to a recent report released by an economic think tank.

The 2015 Consumption Market Development Report released by the Chinese Academy of International Trade and Economic Cooperation of the Ministry of Commerce shows that consumption will drive economic growth in 2015, and the pace of growth and the structure and impetus of consumption will experience slight changes. Consumption will make up more than 50 per cent of the three carriages for the first time in decades.

Intelligent life consumption, environmentally-friendly consumption, global fashion consumption, and cultural sport consumption will be major consumption hotspots in 2015. Information consumption will be the main driver of total consumption with the widespread use of advanced information technology including the Internet of Things, big data and cloud calculation, and the conception of the "Internet +". It is estimated that China will spend 3.2 trillion yuan in the information sector in 2015. Information consumption will see an increase of more than 20 per cent against 2014.

According to the report, with the development of "Internet +" initiative, 82 per cent of interviewees support the development of smart house electric devices and will buy relevant products.

Furthermore, online users on mobile phones have now surpassed those on personal computers.

Under the "Internet +" initiative, service industries will take advantage of the Internet to develop the O2O model. Fields including traffic, dining, navigation and entertainment are enjoying the benefits of the Internet at the present. In 2015, Internet service will spread to health care, home service and education.

Micro electrical contractors on micro blogs and WeChat are supplements to consumption platforms like Tmall and JD.com.

The article is translated and edited from 《今年信息消费规模将增两成》, source: Cnii.com.cn

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Yuan Can,Huang Jin)

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