China, consumption contributes to economic growth

19/08/2019

 

 

Consumption contributes 60.1% of the country’s economic growth

 

China continues to grow, and this time the push comes from the country. According to the National Bureau of Statistics, consumption has remained the main contributor to China’s GDP growth in the first six months of this year, contributing to 60.1% of the country’s economic growth.

According to the data, over the same period, national spending per consumption per capita reached 10,330 yuan, with a nominal increase of 7.5% on an annual basis and retail sales of consumer goods grew by 8.4% on an annual basis at 19.5 trillion yuan.

 

Shanghai leads the ranking of cities with more consumption

 

To win the crown of per capita consumption spending in China, in the same period, was Shanghai with a figure of 22,513 yuan, followed by Beijing for 21,134 yuan and Tianjin for 15,967 yuan.

As per capita consumption spending in Hubei Province, in the Chongqing Autonomous Region and Inner Mongolia has broken through 10,000 yuan in the first half of this year, the number of regions at the provincial level where the figure has exceeded 10,000 yuan has increased of three compared to the same period last year.

As for national expenditures for per capita consumption and national per capita disposable income, the ranking is: Shanghai (22,513 yuan), Beijing (21,134 yuan), Tianjin (15,967 yuan), Zhejiang (15,732 yuan), Guangdong (13,884 yuan ), Jiangsu (13,025 yuan), Fujian (12,521 yuan), Liaoning (10,709 yuan), Hubei (10,416 yuan) and Chongqing (10,263), as well as Shanghai (35,294 yuan), Beijing (33,860 yuan) yuan), Zhejiang (26,356) yuan), Tianjin (22,461 yuan), Jiangsu (21,624 yuan), Guangdong (20,322 yuan), Fujian (18,591 yuan), Liaoning (16,421 yuan), Shandong (16,159 yuan) and Chongqing (14,990 yuan).

 

Wholesale and retail sales in Shanghai increased by 9% on an annual basis

 

Wholesale and retail sales in Shanghai increased 9% year-on-year to 607.93 billion yuan in the first six months of 2019, with retail sales of accommodation and catering reaching 58.22 billion yuan, with an increase of 2.9% compared to the same period last year.

In addition, retail sales in Zhejiang reached 1.27 trillion yuan, an increase of 9.3% year-on-year and in Guangdong 2.07 trillion yuan, an increase of 7.7% on an annual basis.

 

Online consumption will continue to grow rapidly

 

In Beijing, the consumption of services contributed 70.4% to the growth of consumption in the first half of this year and the improvement in consumption such as communication, education, cultural entertainment and medical assistance contributed to over 60% of growth of consumption.

In Shanghai, retail sales without stores reached 117.32 billion yuan in the first half of this year, increasing by 20.4% on an annual basis.

Furthermore, online consumption will continue to grow rapidly, as the network infrastructure and telecommunications services promote the acceleration of the 5G network, the breakthrough of new-generation information technology, the new digitalization, computerization and intellectualization activities in growth, mobile payment that makes popular and intelligent logistics and the development of social e-commerce, said People’s Daily, citing Du Xishuang, an NBS official.

 

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