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NDRC: the Final Expenditure of the First Half Year Contributed 78.5% to China's Economic Growth

On August 2, China's National Development and Reform Commission called a press conference on "expanding consumption".  It is reported that in the first half of this year, China's overall consumption environment kept stable, the consumption structure kept optimized and the contribution rate of consumption to China economic growth further increased. Specifically, the volume of retail sales of social consumer goods totaled RMB 18 trillion, up 9.4% year on year, and the final consumption contributed 78.5% to China's economic growth, an increase of 14.2% compared with the same period last years. Thus, consumption has become a main driving force for China's economic growth and next, efforts will be made to further unleash the potential of individual consumption.

 

Since this year, along with the steadily increased resident income and constantly increased effective supply in China, the upgrade of household consumption has sped up gradually, the consumption structure continues to be optimized and the service consumer demands remain robust.

 

According to LIU Yunan, an inspector of the Comprehensive Department of the National Development and Reform Commission, some commodities with consumption upgrade saw accelerated growth rate in the first half of the year.  Units' communication equipment and cosmetic commodities above the quota increased by 10.6% and 14.2% respectively, higher than the overall growth rate of the total volume of retail sales of social consumer goods.  The service consumption upgrade has also kept a robust momentum. The national per capita spending in sports body-building activities and hotel accommodation grew by 39.3% and 37.8% separately, while the sales volume of sports utility vehicles rose by 9.7% year on year, 4.2% higher than that of ordinary passenger cars (saloon cars).

 

At the same time, as the consumption environment of the tourism market is being improved and the diversity of tourist products is increased, the tourism market continues to heat up.  According to data from the Ministry of Culture and Tourism, China saw 2.826 billion domestic tourists in the first half of the year, representing a year-on-year increase of 11.4%.  The income from domestic tourism stood at RMB 2.45 trillion, up 12.5% and the cultural and recreational market also remained very hot.  In the first of the year, the national box office was RMB 32.03 billion and all cinemas and theaters received 901 million audience in total, up 17.8% and 15.3% separately.  The momentum in sport consumption including marathon was rather strong and the population taking part in physical exercises kept increasing.

 

Further, coupling with the continuous penetration and integration of the "Internet+" to more traditional consumption fields, there have been more and more online shoppers and China achieved RMB 4.1 trillion of online sales volume, increased by 30.1%.  According to LIU Yunan, a sales volume of RMB 3.1 trillion was achieved in physical commodities, up 29.8%, 20.4% higher than the total retail sales of consumer goods, representing an increase of 17.4% in the total retail sales of consumer goods, and also increased by 3.6% compared with that of last year.

 

OU Xiaoli, Director General of the Department of Social Affairs of the National Development and Reform Commission, disclosed at the conference that China's sport industry has kept high-speed development with constantly expanded scale and continuously optimized structure and so far has evolved to be the new growth point of China's economic development.  He said that the value added of the sport industry is expected to account for over 1% of the GDP, the sport consumption to approach to RMB 1 trillion and over 4.4 million jobs to be created by the end of this year.  The value added of the sports service industry went beyond 50% of that of the sport industry and sport consumption in aviation, fencing and mountain sports, etc. also has developed vigorously, becoming the new hotspots of sport consumption. Efforts in the construction of sports and health cities, sports-themed towns, sports complexes, sports gardens and industrial parks and other platforms are sped up.