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.