Tag Archives: consumption

Consumption contributes more to China’s GDP growth

Consumption contributes more to China’s GDP growth

Stockholm, June 3 (Greenpost) — Consumption contributed more to China’s economy last year, while investment growth declined.

Consumption contributed 50.2 percent to China’s gross domestic product (GDP) growth in 2014, 0.2 percentage points more than the previous year, data from the National Bureau of Statistics (NBS) showed on Wednesday.

Investment contributed 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 rate the previous year.

China’s economic growth over the past two decades relied heavily on capital investment and exports. To steer the economy onto a more sustainable track, the government has been trying to encourage more domestic consumption, rather than over relying on investment and exports.

GDP last year was 64.08 trillion yuan (10.47 trillion U.S. dollars), up from 58.97 trillion yuan in 2013.

Consumption amounted to 32.83 trillion yuan, up from 30.1 trillion in 2013.

GDP grew 7.4 percent last year, the weakest annual expansion in 24 years. The official growth target was set at around 7 percent for 2015 by the Chinese government in March at the annual session of the National People’s Congress. Enditem

Source Xinhua

Editor  Xuefei Chen Axelsson

China adjusts personal imports tariffs to spur consumption

China adjusts personal imports tariffs to spur consumption

BEIJING, May 25 (Xinhua) — The Ministry of Finance on Monday announced adjustments on the tariffs levied on the import of personal items to stimulate domestic consumption.

Starting from June 1, import tariffs on suits and sneakers will be trimmed from 14-23 percent to 7-10 percent, and 22-24 percent to 12 percent, respectively, the ministry said in a statement.

According to the adjusted policy, import tariffs on cosmetics and diapers will be cut from 5 percent to 2 percent, and 7.5 percent to 2 percent, respectively.

The adjustments are an important step to stabilize economic growth through benefiting imports, promoting domestic consumption and spurring industrial upgrade, said the ministry.

Economic growth slowed to 7 percent in the first quarter this year, down from 7.3 percent the previous quarter, and retail sales in April grew 10 percent from a year ago, slightly lower than the 10.2 percent posted in March, indicating more easing measures may be needed to prop up growth. Enditem

Source Xinhua

Editor Xuefei Chen Axelsson