Consumption to bolster GDP growth

Consumption will continue to play an integral role in boosting China's economic development and contribute over 60 percent of GDP growth, a new report said.

The country also made considerable progress in services and innovative commodity consumption last year, two sectors that are expected to provide the much-needed momentum for the upgrade and growth of the sector, the China Council for the Promotion of International Trade Academy (CCPIT Academy) said in its report on Tuesday.

Total retail sales of consumer goods are estimated to reach 40 trillion yuan ($6.35 trillion) in 2018, with a nominal annual growth rate of about 10 percent and continuing the sequential growth trend of the last 14 years.