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China: Household consumption key to growth
Household consumption will continue to be the mainstay of China’s strong economic growth this year, a recent report said.
According to a report from the Central Asian Regional Economic Cooperation Institute, or CAREC Institute, some sectors of the Chinese economy, such as consumption, developed better than the others, and the strong growth momentum will continue to bolster the country’s economic revival.
Hans Holzhacker, chief economist of the institute, said China’s economic achievements in 2020 reiterated the country’s need to have a more consumption-based growth model. Household expenditures fell by nearly 4 percent last year on a yearly basis due to the COVID-19, indicating huge growth potential this year.
Household consumption key to growth-Household consumption will continue to be the mainstay of China's strong economic growth this year, a recent report said.
Household consumption key to growth By ZHENG YIRAN | CHINA DAILY | Updated: 2021-02-18 07:28 Share CLOSE Consumers try out Huawei s 5G-enabled smartphones at its global flagship shop in Shanghai. [Photo/China Daily]
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Household consumption will continue to be the mainstay of China s strong economic growth this year, a recent report said.
According to a report from the Central Asian Regional Economic Cooperation Institute, or CAREC Institute, some sectors of the Chinese economy, such as consumption, developed better than the others, and the strong growth momentum will continue to bolster the country s economic revival.
Household consumption key to growth chinadaily.com.cn - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from chinadaily.com.cn Daily Mail and Mail on Sunday newspapers.