Tue,Oct 22,2013
Edited and translated by Liang Jun
The latest data released by the National Bureau of Statistics show that in September, retail sales of social consumer goods totaled 2.1 trillion yuan, an increase of 13.3 percent compared to the same period of last year. A spokesperson from the Ministry of Commerce said recently consumption is expected to continue to grow in the fourth quarter and the overall consumption market in 2013 will maintain steady growth.
Of the three driving forces behind the Chinese economy, exports saw gradual shrinking in contribution to the GDP growth, down 1.7 percent in the first three quarters year-on-year, while consumption contributed 45.9 percent to the GDP growth.
At present, new consumption areas and patterns are being formed, including new commodity consumption, service and life consumption, online spending and holiday spending. With China moving towards a comprehensive well-off society and gradual improvement in the guarantee of people"s livelihood, Chinese people will have a new understanding of "saving" and "spending", and they will not have all money saved, according to an expert of Nielsen Greater China. In addition, the vast rural market and the rising western market will become the key engine driving China"s economic transformation.
Read the Chinese version: 消費升級成經濟增長持續動力
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