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Consumption contributes 55% to China’s economic growth in last 5 years

By Sun Wenyu (People's Daily Online)    20:38, October 10, 2017

Final consumption expenditure contributed 55% to China’s economic growth annually on average from 2013 to 2016, 8.5 percentage points higher than the capital formation, said Ning Jizhe, head of the National Bureau of Statistics (NBS) on Oct. 10.

Ning made the remarks at a press conference held by the State Council Information Office. The figure indicates that the country’s economic growth is driven by domestic demands.

In the first half of this year, the final consumption expenditure contributed to 63.4 percent of the economic growth. In 2016, the ratio between the final consumption and GDP was 53.6 percent, 3.5 percentage points higher than that of 2012; and the capital formation rate was 44.2 percent, 3 percentage points lower.

The proportion between consumption and investment became more rational with domestic demands taking up a big share of the total economy, Ning noted.

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