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Consumption contributes more to China's economic growth

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Core Tip:China's domestic consumption has become a stronger force driving economic growththanks to government efforts to restructure the economy.

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China's domestic consumption has become a stronger force driving economic growththanks to government efforts to restructure the economy.

Consumption contributed 66.4 percent to the gross domestic product (GDPin 2015, up 15.4percentage points from 2014, data from the National Bureau of Statistics (NBSsaid onTuesday.

The rising ratio suggested concrete progress in creating a more consumption and service drivenconsumption in order to sustain growth.

Consumption has been a bright spot for the Chinese economywhich is weighed down byslowing investment and falling exports.

To boost consumptionChina is pushing forward supply-side reforms to provide bettermerchandiseencourage online shoppingstimulate the service sector and strengthen marketsupervision.

The GDP grew 6.9 percent year on year in 2015, the slowest annual expansion in a quarter of acenturybut is still in line with the official target.

Retail sales of consumer goodsa key indicator of consumptionperformed well in Decemberthanks to pro-consumption policies from the governmentTotal retail sales rose 11.1 percentyear on year to 2.86 trillion yuan ($436 billion), NBS data showedThe growth rate wasencouragingthough slightly down from 11.2 percent in November.

In 2015, retail sales grew 10.7 percent from a year earlierslower than the 12 percent increaseregistered in 2014. Total sales amounted to 30.09 trillion yuan last year.

Online sales remained strong in 2015, jumping 33.3 percent year on year to 3.88 trillion yuan.

Retail sales in rural areas grew more rapidly than in urban areasLast yearsales in rural regionsrose 11.8 percent from a year agowhile sales in urban areas climbed 10.5 percent.

 

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