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Economy

China's consumer market to boom despite economic slowdown: MOC

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2016-01-22 08:55Xinhua Editor: Wang Fan

China's domestic consumption will continue to expand steadily in 2016, the Ministry of Commerce said on Thursday.

Consumption, which contributed 66.4 percent to the country's GDP last year, will remain a stronger force driving economic growth this year as effects of the country's supply-side reform policies start to pay off, the ministry said in a statement on its website.

It expected the supply-side reform to boost China's consumption in sectors such as smart energy solutions, services and environmentally friendly products.

Supply-side reform, a buzzword used by Chinese leaders and economists, focuses on better provision of high-quality goods and services, lower costs for businesses, and stronger consumption.

The reform is considered the key to China's future growth as it strives to stabilize short-term growth while engineering a transition from an export- and investment-powered model to one based on stronger consumer spending, innovation and the services sector.

As old growth drivers slow, dragging China's GDP growth to its slowest pace in a quarter of a century, consumption has risen to take up the slack.

Retail sales of consumer goods, a key indicator of China's consumption, rose 10.7 percent year on year to 30.1 trillion yuan (4.6 trillion U.S. dollars) in 2015.

  

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