ECONOMIC ENGINE
China has the largest middle-class in the world, with a population of 300 million, and it is growing fast, accounting for 30 percent of the world's total.
The government predicts the group, which has ever stronger and more sophisticated consumers demands, will play a significant role in propping up the economy.
The celebration of Chinese New Year is seeing new modes of spending as more families favor organic food, shop online, dine outside, and entertain themselves.
A recent report said about 6.5 million overseas trips will be made by Chinese during the holiday. Online travel service provider Ctrip said people have booked outbound tours to over 700 cities in 68 countries and regions on its platform, with destinations as far afield as Antarctica.
"The key term for this year's holiday will be 'consumption upgrade,' with higher-quality products and services gaining popularity," said Wang Bingnan, vice minister of commerce.
Wang Yang said that back in the 1990s his father always took him to farmer's markets only to buy local meat and chicken ahead of holidays. "But now it is a fashion to shop overseas and shop online," he said.
"This is a very important trend that will prompt marked changes in the growth pattern and quality of the economy," said Mao Shengyong, spokesperson of the National Bureau of Statistics (NBS).
A major aspect of such changes is an economy less reliant on investment that analysts believe has become less effective and can easily cause structural imbalances. Consumption is now a key economic driver and contributed 58.8 percent to the domestic gross product growth in 2017, according to the NBS.
【国内英语资讯:Economic Watch: 40 years on, the rising power of Chinese consumers】相关文章:
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2020-09-15
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