Consumption has been the biggest driver of the Chinese economy for six consecutive years, contributing 76.2% of GDP growth in China in 2018.
Ning Jizhe, deputy director of National Development and Reform Commission, said at a press conference that although the growth of total retail sales of consumer goods was lowered to 9% in 2018 from 10.2% in 2017, there’s structural improvement as the percentage of service consumption increased to more than 50%.
The authorities will work for better implementation of consumption promotion policies, especially for auto, home appliances, information technology and elderly care service sectors.
Ning noted the government will also make efforts to increase household income by tax cuts and providing better public services. In addition, the government wishes to expand consumption in “key areas” and will continue improving the market environment in China.