China's consumption has good start in 2010
China's consumption has good start in 2010
09:48, January 04, 2010 
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During the New Year's Day Holiday, Beijing, Shanghai, Chongqing and other places saw a continuously booming consumer market. With major shopping malls recording high sales and realizing a true sense of the phrase "good start", people have great expectations for consumption achieving steady and rapid growth in 2010.
According to statistics from the Beijing Commercial Information Consulting Center monitoring 127 key sample enterprises showed that by the afternoon of January 3, 2010, all Beijing’s sample companies achieved sales of 2.10 billion yuan during New Year's Day Holiday, up 25.8 percent over the same period last year. The survey data released by Shanghai Municipal Commission of Commerce also show that Shanghai’s 100 large and medium sized commercial enterprises realized a total revenue of 1.51 billion yuan, an increase of 37.6 percent at end of 2009 and New Year's Day Holiday.
Analysts pointed out that residential consumption had become the second-largest driving force of economic growth surpassing trade in 2009, and as the continuation of the policy to stimulate consumption in 2010, residential consumption’s contribution rate to economic growth will be further enhanced.
The economic stimulus policies were the major factors for maintaining steady and rapid domestic consumption growth in 2009 and they are expected to play a very good supporting role for consumption growth in 2010. But starting the reforms was critical to the expansion of domestic demand and relied on a promotion system. For example, residential income distribution reform, social security system reform etc., Fan Caiyue, deputy director of the institute of economic situation research of Academy of Macroeconomic Research, NDRC (National Development and Reform Commission) said.
It is worth mentioning that expansion in consumption will also face some unfavorable factors in 2010 such as limitations on a variety of factors, difficulties for short-term substantial increase in urban and rural residential incomes, constraints on further expanding housing consumption, automobiles and tourism spending has been constrained by unfinished consumption hot spots, while a number of consumer policy effects showed signs of abating.
By People's Daily Online
According to statistics from the Beijing Commercial Information Consulting Center monitoring 127 key sample enterprises showed that by the afternoon of January 3, 2010, all Beijing’s sample companies achieved sales of 2.10 billion yuan during New Year's Day Holiday, up 25.8 percent over the same period last year. The survey data released by Shanghai Municipal Commission of Commerce also show that Shanghai’s 100 large and medium sized commercial enterprises realized a total revenue of 1.51 billion yuan, an increase of 37.6 percent at end of 2009 and New Year's Day Holiday.
Analysts pointed out that residential consumption had become the second-largest driving force of economic growth surpassing trade in 2009, and as the continuation of the policy to stimulate consumption in 2010, residential consumption’s contribution rate to economic growth will be further enhanced.
The economic stimulus policies were the major factors for maintaining steady and rapid domestic consumption growth in 2009 and they are expected to play a very good supporting role for consumption growth in 2010. But starting the reforms was critical to the expansion of domestic demand and relied on a promotion system. For example, residential income distribution reform, social security system reform etc., Fan Caiyue, deputy director of the institute of economic situation research of Academy of Macroeconomic Research, NDRC (National Development and Reform Commission) said.
It is worth mentioning that expansion in consumption will also face some unfavorable factors in 2010 such as limitations on a variety of factors, difficulties for short-term substantial increase in urban and rural residential incomes, constraints on further expanding housing consumption, automobiles and tourism spending has been constrained by unfinished consumption hot spots, while a number of consumer policy effects showed signs of abating.
By People's Daily Online
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