Experts stress role of consumption
Solid consumption growth in China will support light industry and services and prevent a sharp slowdown in economic growth, experts said.
“Arecord-breaking Singles’Day event for e-commerce giant Alibaba provides positive moodmusic on the strength of consumer demand,” said TomOrlik, an economist at Bloomberg Intelligence Economics, as online transactions exceeded 57.1 billion yuan ($9 billion) onWednesday before midday, beating the 2014 total with half the day still to go.
In the first 10 months, online retail sales reached 2.95 trillion yuan, up by 34.6 percent year-on-year, which accounted for 10 percent of the country’s total retail sales, according to the National Bureau of Statistics.
Louis Kuijs, aneconomist atOxfordEconomics, said: “Noting the insistence onbroadly meeting theGDPgrowth target for 2015 and the priority given to growth in the outline of the 13th Five-Year Plan, we expect the governmentto continue to take additional incremental measures to support domesticdemandto ensure that growth does not deviate toomuch fromits targets.”