The consumption share within the Chinese economic growth made 66.4%

Almaty. February 24. Silkroadnews - The share of consumption in China’s economic growth reached 66.4% in 2015, the newspaper “People’s Daily” informs.
According to the Minister of Commerce of China Gao Hucheng, consumption has become the major driving force behind the economic growth.
    This shows a successful transformation of the Chinese model of economic growth, which previously used to rely mainly on the investment and foreign trade, while now switches to the domestic demand, particularly consumption, the minister said.
According to statistics by the Ministry of Commerce, in 2015 the volume of consumer goods retail sales in China reached 30.1 trillion yuan ($ 1= 6.53 yuan), i.e. 10.7% increase compared to 2014. The consumption share in the country’s economic growth amounted to 66.4%, i.e. 15.4 percentage points higher than in 2014.
    At present, China forms the stratum of the population with medium and high incomes, thus, higher individual consumer demand, the minister added.
Statistics by the Ministry of Commerce also shows in 2015 the Chinese citizens committed 120 million international tourist trips and spent 1.5 trillion yuan overseas, with at least 700-800 billion yuan spent on shopping.
Gao Hucheng’s forecast is in 2016 the share of consumption within the economic growth will continue to grow.