China'S Economic Growth Is Very Strong, The Consumption Pattern Is Being Optimized.

"China's economic growth is very strong.

It's more like a consumer story than an investment story. "

After the first half year's economic data released by the National Bureau of statistics, Bloomberg reported the reasons for China's economic growth.

63.4%, the contribution rate of consumption to economic growth in the first half of last year has been strong since last year.

Expert analysis shows that the significant contribution of consumption highlights the effectiveness of China's economic pformation. Meanwhile, consumption patterns also show the characteristics of the pattern optimization. In the future, we need to further improve the market environment and boost the upgrading and upgrading of consumption.

According to the National Bureau of statistics, in the first half of this year, the total retail sales of social consumer goods reached 17 trillion and 200 billion yuan, an increase of 10.4% over the same period last year, the highest growth rate since 2016 in June.

In the first half of this year, the proportion of final consumption expenditure in gross domestic product was 57.3%, 0.3 percentage points higher than that in the same period last year, and the contribution rate to economic growth was 63.4%, which was 30.7 percentage points higher than the total contribution rate of capital formation in the same period.

The spokesman of the Ministry of Commerce has evaluated the outstanding performance of consumption as follows: "consumption continues to play a fundamental role in economic growth."

From the past 3 years, the contribution rate of final consumption expenditure to economic growth is 48.8%, 59.7% and 64.6%, respectively, 1.9, 18.1 and 22.4 percentage points higher than the contribution rate of investment.

Yan Pengcheng, director of the Political Research Office of the national development and Reform Commission, also said at a press conference recently: "in recent years, driven by the policy of continuously expanding domestic demand, China's residents' consumption potential is being released in an orderly way, and the potential for consumption upgrading continues to grow, and consumption has gradually become the main driving force for economic growth."

In the first half of the year, the real growth rate of Chinese disposable income was 7.3%, higher than last year's growth level and the same period economic growth rate.

Yang Song, director of the Economic Research Institute of Beijing Academy of Social Sciences, analyzed the newspaper reporters. The main reason for the expansion of consumption is the improvement of living standard, and the money left by residents. At the same time, domestic consumption hot spots are constantly being excavated, and new formats and management methods drive consumption.

"Consumption also shows that China's economic pformation has achieved results."

He said.

Meng Qingxin, director of the Department of foreign trade and economic affairs of the National Bureau of statistics, wrote that "domestic consumption has maintained steady and rapid growth.

The contribution rate still occupies the first place in the "three carriages", and consumption continues to play the role of the first engine of economic growth.

The performance of consumption is also reflected in the tax situation in the first half of the year.

According to the data released by the State Administration of Taxation, the tax revenue of related industries in the first half of the year increased rapidly, for example, the retail tax revenue increased by 25%, faster than the overall tax increase by 16.1 percentage points.

In addition, knowledge, service and innovative consumption expanded, and taxes in sports, education, culture and arts, entertainment and other industries increased rapidly.

The pace of consumption upgrading is constantly improving the pattern of consumption in China.

Taking green consumption as an example, according to the Ministry of commerce data, the energy consumption of air conditioning, first class energy consumption refrigerators and smart TV sales of key retail enterprises increased by 29.9, 15.4 and 20.7 percentage points respectively, compared with the overall growth rate of air conditioners, refrigerators and televisions.

While online consumption is constantly upgrading the way of mass consumption, more than 1/3 of the total retail sales of social consumer goods is contributed by online retailing.

Service consumption is another highlight.

In the first half of the year, the national food and beverage revenue increased by 11.2% compared to the same period last year, and the tourism market continued to improve, for example, Lhasa's tourism revenue increased by 24.7%.

In addition, online catering takeaway, online travel and online travel pactions increased by 76%, 34% and 45% respectively over the same period.

"Sales of consumer promotion products are bright, and the service consumer market continues to heat up."

Meng Qingxin commented on this.

Yang Song believed that

The new changes in demand will in turn promote the development of the consumer market.

In terms of education and public cultural services, there are still many gaps in China, which can continuously meet the upgrading needs by introducing new technologies and new ways.

The good performance of consumption is also closely related to the improvement of the domestic market environment and the supply of goods.

"Market consumption environment continues to improve and consumer confidence continues to improve, creating favorable conditions for expanding consumption."

Yu Fachang, spokesman for the State Administration for Industry and commerce, said recently that with the improvement of the consumer environment and the development of the brand economy over the years, coupled with the enhancement of corporate integrity and the increase of government supervision, the consumption environment in the whole Chinese market has been stable.

Data analysis shows that in the first half of the year, China's Internet users' evaluation index of market consumption environment was 0.62 (the highest value was 1), an increase of 17.3% over the same period last year.

In the first half of the consumer climate index, the monthly average consumer confidence index, the expected index and satisfaction index also increased by 10 percentage points over the same period last year.

At the same time, domestic brands show strong competitive advantages in the domestic online retail market.

In the first half of 2017, domestic brand sales accounted for 74.5% of the total sales, and domestic brand sales accounted for about 85% in home textiles and household appliances.

The summit said that the electronic business platform can provide the commercial infrastructure through building an ecosystem service system, help the domestic brands to "go out"; at the same time, promote the upgrades of agricultural products, improve the level of fresh agricultural products marketing, quality control and logistics, and help part of the old brand pformation, and push out the new products that have been personalized for many years.

"The development of the real economy is inseparable from a good market environment."

Yang Song said that in the future, the government should also rely on the reform of "letting go of services" and constantly improve the business environment.

At the same time, we should use fairs, taxes and other means to better cultivate the consumer market and guide rational consumption.

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