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Time:March 24-26, 2018
Beijing Diaoyutai State Guesthouse
Sponsor:Development Research Center of the State Council
Organiser:China Development Research Foundation
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【Yu Bin】The Trend, Potential and Influence of China's Consumption Growth

China's economy has shifted from high-speed growth to high-quality development and is in the key stage of transforming development mode, optimizing economic structure and changing growth momentum. In recent years, in the demand structure, the main drive of economic growth has changed from investment to consumption. In 2017, the contribution rate of final consumption to GDP was 58.8%, far higher than that of capital formation which was 32.1%. China’s consumption rate rebounded from a low point in 2011, which not only rectified excessive investment growth of and low consumption in the economic expansion stage, but also reflected that the increase of per capita GDP would bring enhanced resident consumption capacity and upgraded consumption structure. The transfer of rural residents to cities and towns and their citizenization and the use of new technologies and new models to boost the upgrading of consumption structure are all great impetus to sustained consumption growth. In the future, the contribution of China's consumption rate and final consumption to GDP will rise steadily and lead to an adaptive adjustment of the whole production system, which will have a fundamental impact on economic growth and macroeconomic management.

Download attachments: 【Yu Bin】The Trend, Potential and Influence of China's Consumption Growth.pdf