Consumption continues to be the main engine of China’s Economic growth, the Chinese Ministry of Commerce (MOC) said at a press conference on Tuesday.
The statistics released by the Ministry on Tuesday show New Trends among Chinese consumers, customised goods and services.
Besides, the market prices of goods and services are basically stable,” Qian Keming, the Vice Commerce Minister, said at the press conference.
China’s GDP growth rate in 2019 was 6.1 percent, and consumption contributed 3.5 percentage points, surpassing the share of import and investment for the sixth year
Total retail sales of consumer goods were over 41 trillion yuan (about 5.94 trillion U.S. dollars). Among them, nearly half was spent on services, especially in the catering business, which grew by nearly 10 percent.
Other features include fast growth of rural consumption, online shopping and consumption of high-end goods.
Meanwhile, the ministry said that China remains the second-largest destination for foreign direct investment in the world. The fast-growing Chinese market has attracted nearly 1 trillion dollars of foreign investment.
The ministry’s foreign trade department said that China will hold on to the principle of opening up.
“China will consolidate traditional markets as well as deepen trade relations with countries under the Belt & Road Framework. China will particularly explore markets of Asian, African and Latin American Countries.
The Trade Partners of China are all over the world,” said Li Xingqian, Head of the Department of Foreign Investment Administration at the MOC.
The Commerce Ministry also reviewed other achievements made during the past year, including better usage of foreign capital, improved business environment and closer cooperation with regional economic partners.