China To See Sound Consumption Growth This Year, Says Commerce Minister

By Samantha Tan Chiew Ting BEIJING, Feb 23 (Bernama) -- Consumption in China will continue to grow at a rapid pace this year, reported Xinhua News Agency on Tuesday. Consumption expanded 10.7 per cent year-on-year and contributed 66.4 per cent to China's economic growth last year compared with 51 per cent in 2014, encouraged by continued rapid growth in people's income, improved social security and better supplies of goods, it quoted Minister of Commerce Gao Hucheng. To encourage consumption, the ministry will continue to promote supply-side reforms to enhance the quality of goods and services, Gao added. As China tries to wean the economy from its lopsided dependence on investment and foreign trade, consumption, services and innovation are emerging as new drivers of growth. On whether China will further depreciate the yuan to spur exports, Gao said recent fluctuations of the yuan will not affect China's trade performance, adding neither depreciation nor appreciation of the yuan will benefit trade. --BERNAMA