China's domestic consumption will overtake investment as the country's biggest growth driver this year for the first time in a decade, the Economic Information Daily said Thursday citing a report from a government think tank.
Consumption will grow 15 percent this year, Chinese Academy of International Trade and Economic Cooperation (CAITEC), a think tank affiliated to the Ministry of Commerce, said.
Premier Wen Jiabao told the annual Parliamentary meeting early this month that China will now focus more on consumption-led economic growth with an aim to reduce its reliance on exports.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.