Consumption Will Become China’s Top Economic Driver, Xinhua Says

Consumption will become China’s top economic-growth driver in 2012 for the first time in almost 10 years, Xinhua News Agency reported, citing a research institute under the Ministry of Commerce.

Contribution to gross domestic product from consumption will surpass that of investment this year, Xinhua said, citing the report from the Chinese Academy of International Trade and Economic Cooperation. Still, growth in retail sales will be slower than last year’s 17 percent, Xinhua reported.

To contact the reporter on this story: Jing Yang in Shanghai at jyang251@bloomberg.net

To contact the editor responsible for this story: Nicholas Wadhams at nwadhams@bloomberg.net

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