Consumption contributes more to economy
Print Edition
CONSUMPTION contributed more to China’s economy last year, while investment growth declined.
Consumption contributed 50.2 percent to China’s gross domestic product growth in 2014, up 0.2 percentage points from 2013, data from the National Bureau of Statistics showed yesterday.
Consumption was 32.83 trillion yuan (US$ 5.37 trillion), up from 30.1 trillion yuan in 2013.
Investment provided 48.5 percent, down from 54.4 percent in 2013, and net exports contributed 1.3 percent to 2014 GDP growth, up from the negative 4.4 percent contribution the previous year.
China’s economic growth over the past two decades relied heavily on capital investment and exports. The government has been trying to encourage more domestic consumption.
China’s GDP last year was 64.08 trillion yuan, up from 58.97 trillion yuan in 2013.
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