The consumption upgrade index for Chinese residents has accelerated to 0.376 in 2018 from 0.341 last year, indicating that consumers are buying more for entertainment and future development.
The consumption upgrade level of Beijing, Shanghai, Zhejiang, Jiangsu and Guangdong provinces continue to lead the country, according to a report co-released by Suning Financial Research Institute and the National Institution for Finance & Development.
Also, the contribution of consumption to GDP has not declined as the decelerating retail sales growth has showed, because data on the latter released by the National Bureau of Statistics failed to cover service consumption, such as education, medical care, culture, art and finance.
According to the report, since the reform and opening up 40 years ago, Chinese residents have shown quite obvious consumption upgrading in the fields of diet structure, clothing demand, living area, transportation and communication, culture and education, and medical care. The quality of consumption has tilted from meeting basic survival consumption towards development and enjoyment consumption.
(Source:ourjiangsu.com)
