CCTV.com - CNTV English - CCTV News


Homepage > News > Biz >

Consumption in China may top Japan by 2015

06-25-2010 16:24 BJT

CHENGDU, June 25 (Xinhua) -- China may see its final consumption reach 5 trillion U.S. dollars in value by 2015, surpassing Japan as the world's second largest consumer, a senior government official has projected.

Wang Xuanqing, deputy director of the Department of Commercial Services Administration with the Ministry of Commerce, made the forecast Friday based on an average annual 11.6-percent growth in consumption in China since 2000.

However, Wang said China's domestic consumption was still weaker per capita than that in many developing nations. He made the remarks at a retailers conference held Friday in Chengdu, capital of southwest China's Sichuan Province.

"If consumption remains too weak for too long, economic growth will depend more and more on investment and exports," Wang said.

"But investment and exports are increasingly meeting restrictions from resources, environment, and international market changes," Wang said, adding "an economy with weak consumption is not sustainable."

Data from the country's National Bureau of Statistics showed China's retail sales rose 18.7 percent year on year to 1.25 trillion yuan (183 billion U.S. dollars) in May, with total retail sales up 18.2 percent to 6.03 trillion yuan in the first five months.

As part of the county's stimulus package, the Chinese government has introduced a host of subsidies for home appliances, old-for-new programs, and tax cuts for auto purchases to boost domestic consumption.

Final consumption consists of goods and services used up by individual households or the community to satisfy their individual or collective needs or wants, according to the definition of the Organization for Economic Cooperation and Development.

 

Editor:Du Xiaodan |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program