中国的消费行业成为经济增长的支柱

The consumption sector is becoming one of China's most important economic pillars. The new report from the China Council for the Promotion of International Trade shows that the sector is going through rapid changes.

The future of the Chinese economy is in the consumption sector. The report says retail sales surpassed 26 trillion yuan in 2015, an increase of 10 percent year on year. The report also forecasts that the sector will likely grow at the same double digit rate this year.

"Among the three driving forces of the GDP, consumption is gradually becoming the keystone factor, especially during the time of economic downturn. Its contribution to growth is surpassing that of investment and foreign trade," said Zhao Ping, director int'l trade research, CCPIT research center.

The report predicts that consumption's contribution to the economy will remain over 60 percent in 2016, with structual changes continuing to deepen. The report also expects that consumer tastes will become more discerning and the range of available consumer products will continue to expand.

"The psychology of consumers is becoming different than before. Especially since last year, we've been starting to see that they are more focused on quality," she said.

That means China's growing legions of buyers will likely focus more on the practical side of the things they buy rather than on brand reputation. Experts say that would give Chinese local brands better opportunities to claim future market share, by dropping cheap, low-quality products in favor of better-made goods.