Ex­perts stress role of consumption

China Daily (Canada) - - ADVERTISEMENT -

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.”

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