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Wan LixinOpinion deputy editor of Shanghai Daily
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Consumption figures push stocks to climb
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SHANGHAI stocks rose yesterday as data showed China’s consumption made a larger contribution to the Chinese economy.
The Shanghai Composite Index added 0.76 percent to end at 4,947.1 points.
Consumption contributed 50.2 percent to China’s gross domestic product growth in 2014, up 0.2 percentage points from 2013, according to data from the National Bureau of Statistics.
Consumption totaled 32.83 trillion yuan (US$5.3 trillion) in 2014, up from 30.1 trillion yuan the previous year.
China’s economic growth over the past two decades relied heavily on capital investment and exports. To ensure a more sustainable economic development, the government has been pushing for domestic consumption to grow to dilute reliance on investment and exports.
China’s GDP in 2014 was 64.08 trillion yuan, up from 58.97 trillion yuan the previous year.
The Bank of Communications rallied by the 10 percent cap to 8.12 yuan, China Everbright Bank surged 9.12 percent to 6.10 yuan, and the Industrial Bank rose 5.17 percent to 19.52 yuan.
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