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Consumption,New Protagonist in 2007 GDP


□ Guo yan

  Not long ago, the NationalBureau of Statistics releasedits 2007 Macro EconomyIndex. Social consumptionretail sales reached RMB 8.9 billion,increased by 16.8 percent over the pre-vious year, or 3.1 percentage pointshigher; the whole investment in socialfixed assets was valued RMB 13.7 bil-lion, a year-on-year increase of 24.8percent, that is 0.9 percentage pointshigher; and trade surplus amounted toRMB 24.7 billion, rising by 47.7 percentcompared with the same period lastyear, 26.3 percentage points falling overthe increasing speed last year. Accord-ing to preliminary estimates, GDP forthe year was RMB 24.67 trillion, up by11.4 percent from the previous year, rep-resenting the fifth consecutive year ofover 10 percent growth. The report alsoshows the breakdown of GDP into a 2.7percent growth in exports, a 4.3 percentincrease in investments, and a 4.4 per-cent increase in consumption. As GDPreached a 13-year record high in 2007,it is the first time that consumption ac-counted for the biggest percentage ofgrowth in seven years.

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