Tourists shop at a duty-free shopping mall in Sanya City, south China's Hainan Province, Oct. 5, 2020. (Xinhua/Guo Cheng)
BEIJING, Dec. 22 (Xinhua) -- China has become the largest physical consumer market around the world, reported Economic Information Daily Tuesday quoting a blue book.
According to the 2021 Blue Book of China's Society issued by the Chinese Academy of Social Sciences (CASS) Monday, during the 13th Five-Year Plan period, Chinese residents' consumption continued to upgrade, becoming a fundamental force driving the country's economic growth.
The total retail sales of consumer goods of China in 2019 registered 41.2 trillion yuan, and the contribution of its final consumption expenditure to its economic growth remained at about 60 percent, said the blue book.
During the 13th Five-Year Plan period, the consumption structure of urban and rural residents in China continued to improve, with the quality of life lifted greatly, and the Engel's coefficient fell from 30.6 percent in 2015 to 28.2 percent in 2019, said Chen Guangjin, editor-in-chief of the blue book and director of the Institute of Sociology with CASS.
Chen noted that in the first three quarters of 2020, affected by the COVID-19 pandemic, China's total retail sales of consumer goods dropped by 7.2 percent year on year to 27.33 trillion yuan, and it realized positive growth in the third quarter.
(Edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)
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