China eyes domestic consumption
Source: Xinhua/Shanghai Daily |
December 29, 2012, Saturday
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Print Edition
Print Edition
CHINA will continue to push domestic demand to ensure economic growth next year through the promotion of durable goods such as home appliances and cars, the Ministry of Commerce said yesterday.
"About 55 percent of economic growth was driven by domestic consumption this year, up from 39.6 percent in 2007," Minister of Commerce Chen Deming said in Beijing.
"Total retail sales of consumer goods are expected to pick up 14 percent to hit 21 trillion yuan (US$3.3 trillion) in 2012."
The ministry said separately that it is now working on policies to stimulate big-ticket purchases and increase sales of energy-efficient appliances.
It also said continuous work will be done on broadening trade financing channels and expanding the scale of export credit insurance to stabilize the growth of exports next year.
China's foreign trade is expected to increase about 6 percent this year, Chen said. The growth will be slower than the annual target of 10 percent set by the government.
Chen's projection was consistent with the 5.8 percent year-on-year rise in the country's foreign trade in the first 11 months of this year.
To encourage imports, China will increase purchases of natural resources, advanced technical equipment and key components from abroad.
"China has become the world's biggest exporter and second-biggest importer," Chen said. "Total imports and exports are expected to surpass US$3.8 trillion in 2012. Exports from China will increase to 11 percent of the global total."
Chen also said the govern-ment will launch more preferential policies next year to encourage foreign investors to invest in central and west China, while trying to attract multinational companies to set up research and development centers and regional headquarters in China.
The ministry also intends to guide foreign capital to invest in the education, health care, finance and telecommunications sectors.
"Foreign investment is likely to reach US$110 billion this year," Chen said.
"About 55 percent of economic growth was driven by domestic consumption this year, up from 39.6 percent in 2007," Minister of Commerce Chen Deming said in Beijing.
"Total retail sales of consumer goods are expected to pick up 14 percent to hit 21 trillion yuan (US$3.3 trillion) in 2012."
The ministry said separately that it is now working on policies to stimulate big-ticket purchases and increase sales of energy-efficient appliances.
It also said continuous work will be done on broadening trade financing channels and expanding the scale of export credit insurance to stabilize the growth of exports next year.
China's foreign trade is expected to increase about 6 percent this year, Chen said. The growth will be slower than the annual target of 10 percent set by the government.
Chen's projection was consistent with the 5.8 percent year-on-year rise in the country's foreign trade in the first 11 months of this year.
To encourage imports, China will increase purchases of natural resources, advanced technical equipment and key components from abroad.
"China has become the world's biggest exporter and second-biggest importer," Chen said. "Total imports and exports are expected to surpass US$3.8 trillion in 2012. Exports from China will increase to 11 percent of the global total."
Chen also said the govern-ment will launch more preferential policies next year to encourage foreign investors to invest in central and west China, while trying to attract multinational companies to set up research and development centers and regional headquarters in China.
The ministry also intends to guide foreign capital to invest in the education, health care, finance and telecommunications sectors.
"Foreign investment is likely to reach US$110 billion this year," Chen said.
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