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DOMESTIC CONSUMPTION DRIVES CHINA'S GDP FOR 1ST TIME.
BEIJING, Feb 1 Asia Pulse - Domestic consumption has replaced investment to become the biggest driver of China's economic growth for the first time in seven years.
Last year, domestic consumption contributed 4.4 percentage points to the 11.4 per cent increase in the nation's gross domestic product (GDP), compared with 4.3 percentage points of investment and 2.7 percentage points of net exports, said China Securities Journal yesterday, citing unidentified official with the National Bureau of Statistics.
Data released earlier showed the nation's retail spending rose 16.8 per cent to 8.92 trillion yuan (US$1.24 trillion) in 2007, up 3.1 percentage points from a year earlier.
Fixed asset investment expanded 24.8 per cent to 13.72 trillion yuan, 0.9 percentage point higher compared with a year ago, while the trade surplus grew 47.7 per cent to US$262.2 billion, 26.3 percentage points slower in pace.
"The rise of domestic consumption is the result of many years of efforts to support spending while curbing investment, with a goal to reduce dependence on external factors," said Ba shusong, a researcher with the State Council Development Research Centre. ...
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Source: HighBeam Research, DOMESTIC CONSUMPTION DRIVES CHINA'S GDP FOR 1ST TIME.