China will make the expansion of domestic consumption the fundamental basis of economic development over the next five years, said a senior official on Friday.

China has tremendous potential in domestic consumption, which will provide vast room for further development, said Zhang Xiaoqiang, deputy director of the National Development and Reform Commission, at the 2006 International Investment Forum held in Xiamen, East China's Fujian Province.

Efforts will be made to promote economic growth while maintaining a balance between consumption and investment, as well as between domestic consumption and external consumption, said Zhang.

The proportion of consumption in gross domestic products dropped from 66.3 percent in 1985 to 38.2 percent last year. The Chinese economy has been driven by soaring investment and foreign trade in the past few years.

Zhang also emphasized that the development of the industries of agriculture, high-tech technologies, manufacturing technologies of automobiles, ships and large petrochemical equipment should be prioritized.

Source: Xinhua