Report predicts 15% domestic market growth in China
23/03/2012
The Chinese Academy of International Trade and Economic Cooperation, which has links to the ministry of commerce, has said that domestic consumption will be the main driver of China's economic growth this year. It said rising incomes and a growing willingness to spend were the main reasons.
A new report entitled 2012 China Consumption Market Development has urged the government to maintain policies that will help expand domestic consumption, including lowering taxes on consumer and luxury goods and tax rebate policies.
The report predicts that annual retail sales in China will be greater than $5 trillion by 2015. Official figures for the first eleven months of 2011 show a total of $2.6 trillion.
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