Growth model back on track

After an economic slowdown in 2014, there are encouraging signs that the long awaited rebalancing of the Chinese economy is underway.

Data points to an accelerated shift away from an investment-led, credit-driven economy towards a consumption-driven, service-fueled economy.

Consumption contributed 51.2 percent of GDP growth in 2014, up from 48.2 percent a year earlier, and slightly higher than the 48.6 percent contribution from capital formation, according to the National Bureau of Statistics. Consumption contributed more to GDP growth than investment for the third year.