China News Service, January 18th. Ning Jizhe, director of the National Bureau of Statistics, stated on the 18th that despite the impact of the new crown pneumonia epidemic in 2020, the proportion of final consumer expenditure in GDP will still reach 54.3%, which is 11.2% higher than the total capital formation. , The highest level in recent years.
On the morning of the 18th, the State Council Information Office held a press conference on the operation of the national economy in 2020.
A reporter asked at the meeting: How do the three factors of import and export, consumption and investment contribute to economic growth?
Ning Jizhe said that to judge the impact of the three major demands on the economy, we must first look at the total amount.
First, in terms of total volume, the final consumption rate in 2020 is close to 55%. From 2011 to 2019, my country’s consumption rate averaged 53.4%. Despite the impact of the new crown pneumonia epidemic in 2020, final consumption expenditure still accounts for the proportion of GDP. Reached 54.3%, 11.2 percentage points higher than the total capital formation, and the highest level in recent years. Consumption is still the ballast of stable economic operation.
Second, from the perspective of incremental growth, the role of consumption in stimulating economic growth has also increased quarter by quarter.
With the steady recovery of my country's economic operation, the driving force of consumption on economic growth has picked up quarter by quarter.
In the fourth quarter, the total retail sales of consumer goods increased by 4.6% year-on-year, and the growth rate was 3.7 percentage points higher than that in the third quarter; final consumption growth drove economic growth by 2.6 percentage points, an increase of 1.2 percentage points from the third quarter.
As the epidemic is further effectively controlled, the momentum of consumer demand will be further restored.
The contribution rate of net exports of trade in goods and services to economic growth in the past year is still positive.
To measure the impact of imports and exports on economic development, we should not only look at the growth rate or contribution rate, but also the total amount.
Increment is first of all positive growth, a positive contributing factor. From a total perspective, the total import and export volume is equivalent to the proportion of GDP. China is relatively high among the major countries, accounting for more than 30%.
Large countries generally focus on domestic demand. Under open conditions, to achieve economic recycling, our proportion is higher than that of the United States and Japan.
Therefore, considering the two aspects, the role of import and export is still very important.
Ning Jizhe pointed out that economic growth depends on domestic demand and conforms to the laws of economic development. The construction of a new dual-cycle development pattern requires better use of the advantages of the domestic super-large-scale market in opening up.
Judging from the situation in my country, there is still a lot of room for improvement to play the fundamental role of consumption.
The average contribution rate of final consumption expenditure to economic growth is about 60% from 2013 to 2019. If compared with the 70% and 80% levels of advanced economies, there is still a lot of room for improvement.
The development stage is different, so it is necessary to improve the consumption ability of residents, improve the consumption policy, improve the consumption environment, and open up more consumption growth points.
It is also very important to play the key role of investment. In 2020, investment will play an active role in promoting economic recovery.
"The next step is to increase effective investment and transform my country's high national savings rate into actual investment results. At the same time, we must unswervingly expand opening up and give better play to the troika in building a new dual-cycle development pattern The positive role in China.” Ning Jizhe said.