Consumption to Be Chinese Economy's No.1 Drive in 2012: Report03-22 17:35 Caijing
Consumption will become the No. 1 drive of China's economic growth in 2012 for the first time, according to the nation's Ministry of Commerce.
The ministry said China's consumption is expected to register a growth of 16%-17% this year, with a huge potential market to be tapped.
Growth pattern of the Chinese economy will see a great change this year with consumption replacing investment to be GDP's biggest contributor , said the offical China Daily.
"In China, everyone recognizes that the growth in the past years has been led too much by exports and investments, not enough by consumption and domestic demand," China Daily quoted the UK trade minister as saying.
The Chinese economy has been propelled primarily by exports, fixed investment, and domestic consumption.
Investment contributed 54.2% to China's GDP growth in 2011 while consumption contributed 51.6% and exports contributed a minus 5.8%.
China has lowered its economic growth target to 7.5 percent this year.
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