Consumption the Biggest Driver of China’s Economy for 6th Year Straight, Service Consumption Exceeds 50% for First Time

65

Official data points to the sustained role of consumption as the primary driver of growth in the Chinese economy.

Figures released on 21 January indicate that the contribution rate of consumption to Chinese economic growth was 57.8% in 2019, driving a GDP increase of 3.5 percentage points.

2019 marks the sixth consecutive year that consumption has been the leading driver of China’s economic growth.

Full year social consumer good retail sales in 2019 were 41.2 trillion yuan, for growth of 8%.

China’s Engel coefficient – the proportion of money spent on food as part of household expenses – was 28.2% in 2019, for the eighth consecutive year of decline, in a sign that Chinese living standards are on the rise.

Service consumption s a share of total consumption exceeded 50% for the first time, rising 0.7 percentage points compared to 2018 to reach 50.2%.

Related stories

Mo­bile Pay­ments Drive 16% Rise in Chi­nese Con­sump­tion: Ant Fi­nan­cial Re­search Re­port

In­for­ma­tion Con­sump­tion in China Hits 5 Tril­lion Yuan, Ac­counts for over 10% of End Con­sump­tion

“Fin­tech Is Dri­ving Up­grade in Con­sump­tion, Let So­cial Credit Be­come Con­sumer As­set”: PBOC’s Of­fi­cial News Out­let

LEAVE A REPLY

Please enter your comment!
Please enter your name here