ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperBusiness /EconomyEconomyPolicy WatchChina DataCompaniesMarketsIndustriesViewMotoringTechGreen China12% rise in sales of consumer goodsBy Chen Jia and Zhong Nan( 11:49Comments Print Mail Large Medium SmallConsumers shop in a supermarket in Xuchang city, Central Chinas Henan province, June 8, 2014. [Asianewsphoto by Geng Guoqing]Chinas household consumption became the primary driving force of economic growth in 2014, said the Vice Minister of Commerce Zhong Shan on Friday, at a press conference.
The total retail sales of consumer goods last year rose about 12 percent to 27 trillion yuan. China is worlds second-largest consumer market after the United States, the vice minister said.
In the first three quarters of last year, the total consumption contributed 48.5 percent of GDP growth, higher than fixed-asset investment and net export, according to official data.
As consumption becomes more personalized and diversified, it will present huge business opportunities to domestic and foreign investors, said Zhong.
For the whole year of 2014, the consumer price index rose by 2 percent, staying at a relatively low level, under the governments years target of 3.5 percent.
Besides, Chinas consumption structure has been further improved, with online consumption estimated to grow by 50 percent, he said.
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