The role of domestic consumption in driving economic growth has further emerged
On February 16, the Ministry of Commerce held a press conference. According to spokesperson Yao Jian, the domestic consumer goods market continued to maintain steady and rapid growth in 2008. The total retail sales of consumer goods reached 10.8 trillion yuan, a year-on-year increase of 21.6%, a new high since 1996. After deducting price factors, the actual growth was 14.8%, 2.3 percentage points faster than 2007, and 5.8 percentage points higher than the GDP growth rate. The driving role of domestic consumption in economic growth has further emerged.
In January, driven by the two major festivals of New Year’s Day and Spring Festival, market sales achieved rapid growth. Various regions have seized the opportunity of strong market sales, carefully organized supply of goods, and carried out various promotional activities. According to monitoring by the Ministry of Commerce, the retail sales of thousands of key retail enterprises across the country increased by 24.5% year-on-year in January.
Looking forward to the whole year, there are many positive factors to continue to maintain the rapid growth of the consumer market. First, my country’s economic development is conducive to maintaining sustained and stable growth of residents’ income. Residents’ income is an important prerequisite for sustained growth in consumption. By strengthening and improving macroeconomic control and implementing proactive fiscal policies, the state will further stabilize the job market. At the same time, it will increase fiscal expenditures to support low- and middle-income and “agriculture, rural areas and farmers”. It is expected that urban and rural residents will maintain their income. Income has grown steadily, further enhancing their spending power. Second, the social security system will be further improved, which will help improve residents’ consumption expectations. Third, the consumption structure of residents has been upgraded. In particular, the consumption potential of traditional products in rural markets is still huge.
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