Arab Today, arab today consumption contributes 847of chinas q1 growth
Last Updated : GMT 11:21:43
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Consumption contributes 84.7 % of China's Q1 growth

Arab Today, arab today

Arab Today, arab today Consumption contributes 84.7 % of China's Q1 growth

Consumption contributes 84.7 % of China's Q1 growth
Beijing - QNA

Final consumption contributed 84.7 % of China's economic growth in the first quarter, official data showed on Monday, suggesting government efforts to ease reliance on investments and trade are working.

    Capital investments' contribution came in at 35.8 %, while net exports of goods and services dragged growth down by 20.5 %, according to an article in Monday's People's Daily and published on the website of the National Bureau of Statistics.

    The consumption share marked a significant jump from the 66.4% ratio seen at the end of 2015. Compared with investment and exports, consumption has been a less conspicuous growth driver for China in the past few decades, but Monday's data showed it is catching up fast, assuming a bigger role as other growth drivers are losing steam.  "Positive changes are accumulating, and the economy is operating within a reasonable range," the article said. 

    China's economy expanded 6.7 % year on year in the first quarter of 2016, the slowest growth since the global financial crisis hit in early 2009. But a slew of upbeat economic data in March and April raised hopes for a stronger turnaround than expected.

 

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