Consumption is the main driver for China's economic growth

China's economy has experienced high-speed growth during the past two decades. But now the speed is slowing down, and more attention is being given to high-quality development.

My uncle used to say, there are two things that make people happy: Buying stuff and making stuff. The first means consumption, the second innovation.

Consumption, which has become the largest driver of China's economic growth for six years in a row, nearly 80 percent contributed to the nation's growth in 2018. But some are still worried that last year's retail sales as a main gauge of consumption grew only nine percent. It was the slowest growth in 15 years and triggered concerns of sluggish demand and consumption downgrading.

While experts said a slowdown in retail sales is not equivalent to a “consumption downgrade.” Weaker retail figures are mainly due to sluggish auto sales. Take auto sales out of the equation, and China's consumption has remained strong, and sales of various kinds of quality products, like high-end home appliances, increased remarkably.

Meanwhile, a big part of expenditures not factored into this calculation - services which include education, entertainment and medical care. This delivers one key message: China's consumption is changing, optimizing but not downgrading.

Looking ahead, the Chinese government has committed to launch various measures, including increasing the supply of goods and reducing taxes, to not only enable people to buy more but ultimately to make consumption a bigger part of propelling economic development.

(CGTN)