BEIJING, Jan. 11 (Xinhua) – China's total retail sales of consumer goods is expected to be over 40 trillion yuan in 2018 but might encounter a slowdown in growth, reported the Economic Information Daily quoting experts attending a symposium held on Wednesday in Beijing.
Final consumption contributed 78 percent to China's gross domestic product (GDP) in the first three quarters of 2018, becoming the first driver for economic growth, noted Zhao Ping, an expert with the Academy of China Council for the Promotion of International Trade.
She also pointed out that the two-digit growth of consumption in early 2018 had fallen to 8.1 percent in November of 2018 and thus promoting steady growth of consumption might become a priority in China in 2019.
According to Li Mingtao, president of the Research Institute of China International Electronic Commerce Center at China's Ministry of Commerce, policies unveiled by central authorities show that China is striving to further stimulate the consumption potential, and overall, the country has a very large development vitality. (Edited by Gu Shanshan)
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