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Xi calls for boosting fundamental role of consumption in China's economic growth

Xinhua | Updated: 2017-10-18 12:44

BEIJING — Xi Jinping called Wednesday for boosting the fundamental role of consumption in promoting economic growth.

Xi made the remarks in a report to the 19th National Congress of the Communist Party of China at the Great Hall of the People in central Beijing.

"We will improve systems and mechanisms for stimulating consumer spending, and leverage the fundamental role of consumption in promoting economic growth," he said.

Reform of the investment and financing systems will also be deepened to enable investment to play a crucial role in improving the supply structure, he added.

Investment and foreign trade used to be the main drivers of China's economic growth. As China has entered a new normal in economic development, the country's rebalancing efforts have boosted the role of consumption in growth.

From 2013 to 2016, final consumption contributed 55 percent to the country's economic growth annually on average. In the first half of 2017, the contribution of consumption to growth surged to 63.4 percent, official data showed.

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