China will maintain strong growth in consumption this year with deepening supply-side structural reform, Commerce Minister Gao Hucheng said Tuesday....China on track in shifting away from an investment-export led economy to a consumption-domestic economy.
China's consumption to maintain strong growth in 2017
Consumption contributed to 64.6 percent of China's economic growth in 2016, up 4.9 percentage point compared with the year before, said Chinese Minister of Commerce on Tuesday.
Gao Hucheng, Minister of Commerce, said consumption has become the most important boost in the Chinese economy since 2014, which indicates that the country's economic structure has been undergoing historic changes.
Meanwhile, new characteristics have shown up in Chinese people's consumption. Demands for high-quality, multi-function and intelligent products have been increasing, said Gao. For instance, the sales volume of vehicles has exceeded 28 million, seeing a 13.7 percent year-on-year growth. Sales of SUVs under various brands have increased by 44.6 percent, added the minister.
The e-commerce development is booming in China. The 2016 online turnover has increased by 25.6 percent, accounting for 12.6 percent of the total turnover of the social consumption. "It is hard to imagine how the distribution industry would be like without the internet plus," said Gao.
More trends have also shown up in the consumption. For example, service consumption has taken a larger portion in the total consumption, and consumers have shifted to purchase personalized and customized commodities. A greener trend is on the rise in people's consumption concept as well....
EcnsMOC: Consumption contributes 64.6% to economic growth in 2016