Business / Economy

12% rise in sales of consumer goods

By Chen Jia and Zhong Nan ( Updated: 2015-01-16 11:49

12% rise in sales of consumer goods

Consumers shop in a supermarket in Xuchang city, Central China's Henan province, June 8, 2014. [Asianewsphoto by Geng Guoqing]

China's household consumption became the primary driving force of economic growth in 2014, said the Vice Minister of Commerce Zhong Shan on Friday, at a press conference.

The total retail sales of consumer goods last year rose about 12 percent to 27 trillion yuan. China is world's second-largest consumer market after the United States, the vice minister said.

In the first three quarters of last year, the total consumption contributed 48.5 percent of GDP growth, higher than fixed-asset investment and net export, according to official data.

As consumption becomes more personalized and diversified, it will present huge business opportunities to domestic and foreign investors, said Zhong.

For the whole year of 2014, the consumer price index rose by 2 percent, staying at a relatively low level, under the government's year's target of 3.5 percent.

Besides, China's consumption structure has been further improved, with online consumption estimated to grow by 50 percent, he said.

The country's retail sales rose by 13.1 percent year-on-year in 2013.



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