Services set to power consumptionBEIJING, Dec. 10 --Services will power China’s consumption which has a huge potential toexpand due to new growth sectors, Minister of Commerce Gao Hucheng said yesterday.
“Consumption in household services, leisure, tourism, cultural activities is likely to expandfurther in the following years, while e-commerce is experiencing an explosive growth rightnow and this trend may continue,” Gao said in remarks published on the ministry’s websiteyesterday.
“Services will become a driving force for consumption, and there are a lot of opportunitieslike providing services for seniors,” Gao said.
Industrialization, urbanization and modernizing agriculture will create new growthopportunities, Gao said.
He added that sales of products like energy-saving appliances, smartphones and tabletcomputers will grow quickly as a better logistic and distribution network is established.
China’s retail sales may grow 13 percent this year, easing from the average 15.7 percentrise in the previous two years. But the country is still on track to achieve its target ofgrowing retail sales by an annual average 14 percent between 2011 and 2015 under the12th Five-Year Plan, Gao said.
By 2020, China’s retail sales may top 50 billion yuan (US$8.13 billion), accounting for 55percent of its gross domestic product. （Editor：LiXiang、Yao Chun）
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