Consumption to power economy over long run

Among investment, exports and consumption — the key drivers powering China's economic development — consumer spending is well positioned to be the fastest-moving engine in the long run, a senior expert said, calling for stronger steps to further stimulate consumption.

Sufficient job creation, a robust and responsive supply-side ecosystem and new consumption models should be prioritized to bolster consumer spending, as outlined by the third plenary session of the 20th Central Committee of the Communist Party of China, said Chen Wenling, chief economist at the Beijing-based China Center for International Economic Exchanges, in an exclusive interview with China Daily.

Consumption, according to data from the National Bureau of Statistics, played a major role in propelling growth in the first half of this year, with final consumption contributing to 60.5 percent of China's economic expansion, or 3 percentage points to the GDP growth rate.