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.
by RTT Staff Writer
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