China to see con­sump­tion growth in 2016

The Pak Banker - - BUSINESS -

BEI­JING: Con­sump­tion in China will con­tinue to grow at a rapid pace in 2016, Min­is­ter of Com­merce Gao Hucheng said at a press con­fer­ence Tues­day. Con­sump­tion ex­panded 10.7 per­cent year on year and con­trib­uted 66.4 per­cent to China's eco­nomic growth in 2015, com­pared with 51 per­cent in 2014, en­cour­aged by con­tin­ued rapid growth in peo­ple's in­come, im­proved so­cial se­cu­rity and bet­ter sup­plies of goods, ac­cord­ing to Gao. To en­cour­age con­sump­tion, the min­istry will con­tinue to pro­mote sup­ply-side re­forms to en­hance the qual­ity of goods and ser­vices, Gao said. As China tries to wean the econ­omy from its lop­sided de­pen­dence on in­vest­ment and for­eign trade, con­sump­tion, ser­vices and in­no­va­tion are emerg­ing to be­come new driv­ers of growth. In re­sponse to ques­tions that whether China will fur­ther de­pre­ci­ate the yuan to spur ex­ports, Gao said re­cent fluc­tu­a­tions of the yuan will not af­fect China's trade per­for­mance, adding that nei­ther de­pre­ci­a­tion nor ap­pre­ci­a­tion of the yuan will ben­e­fit trade.

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