Skip to content
Whether it is filial piety to the elderly or rewarding children or themselves, trading volu
me has kept growing. Spending on entertainment and travel also grew fast,” said Chen Han, a data analyst at China UnionPay.
Consumption has become the biggest driver for the economy, contributing 76.2 percent of the co
untry’s economic growth last year, up 18.6 percentage points over the previous year, the National Bureau of Statistics said.
“Judging from major economic indicators, domestic demand has become a decisive force of China’s economic gro
wth,” said Wang Bin, deputy director-general of the ministry’s department of market operation and consumption promotion.
Several factors will support steady consumer spending growth in China. Residential inco
me has been increasing fast and deeper pockets facilitate more spending. The second China Int
ernational Import Expo in Shanghai will also offer more access to global products, Wang said.
Wang Jun, a researcher at the China Center for International Economic Exchanges, exp
ects more favorable policies to further boost domestic shopping this year as nationwide tax cuts continue.