(File photo)
Development of cross-board e-commerce will be an important task in 2016, said Gao Hucheng, China's minister of commerce, during a press briefing on Tuesday.
As for the role that consumption plays in economic growth, Gao said that the contribution rate of consumption to economic growth was at 66.4 percent by the end of 2015, which means consumption has become the biggest force for economic growth. According to Gao, the increase in 2015 followed another increase in 2014, and the trend is likely to continue this year.
Gao also said that a total of 120 million Chinese people traveled abroad in 2015, spending 1.5 trillion yuan on outbound consumption, including accommodation and shopping. It is estimated that at least 7,000 to 8,000 yuan of that amount was used for shopping, most of which was spent by mid- to high-income Chinese.
Gao added that Chinese now tend to buy daily goods with higher quality and reasonable cost rather than luxury and high-end commodities.
Therefore, taking supply side into consideration, future commerce goals should focus on how to meet the individualized needs of people with mid- to high-level incomes, including their demand for more goods, higher quality, and a safer and more comfortable shopping environment, said Gao.
In addition, on the basis of stable of employment, incomes will gradually increase. In 2015, the GDP in China reached 67.7 trillion yuan, nearly USD 11 trillion, and the GDP per capita was around USD 8,000. GDP per capita of cities along the eastern coast of China exceeded USD 10,000, and in some places even exceeded USD 15,000. Gao said that as the mid- to high-level income group grows, China should expect more outbound shopping.
"Our task in 2016 is to let people buy foreign goods at home by promoting cross-board e-commerce," Gao said.
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