Facebook Twitter 新浪微博 Instagram YouTube Tuesday, Feb 21, 2017

Consumption contributes 64.6% of China's growth in 2016

By Sun Wenyu (People's Daily Online)    16:32, February 21, 2017

Consumption contributed 64.6 percent of China's economic growth in 2016, up 4.9 percent from the previous year, said Gao Hucheng, China's minister of commerce, at a press conference held by the State Council Information Office on Feb. 21.

Gao said that consumption has been the most powerful force driving China's economic growth for three consecutive years, beginning in 2014. This suggests a historical shift in China's economic structure toward expanded domestic demand under the "new normal."

Total consumer retail registered double-digit growth in 2016, contributing 64.6 percent of the country's economic growth, Gao noted, adding that consumption is gaining momentum.

Gao pointed out that China's consumption is currently undergoing five major transitions. Consumers now prefer high-quality, diversified and green products, while mainstream consumption is gradually integrating online and offline channels. In addition, the service sector has contributed more to overall consumption. 

"New features of and changes to Chinese consumption have offered fresh opportunities for supply-side reform, institutional innovation in domestic trade and further expansion of consumption," Gao remarked. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hongyu, Bianji)

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