China’s annual economic growth will be a little less than 8 percent during the 12th Five-year Plan (2011-2015) period, much higher than world growth of around 2.5 percent, an official report said on Oct 13.
In the 2011-2014 period, the economy expanded by an annual rate of 8 percent, slower than growth of about 10 percent in the previous three decades, the National Bureau of Statistics (NBS) said in a report on its website.
China’s growth contributed to more than 25 percent of total world economic growth from 2011 to 2014.
The report added that China’s economic structure also optimized with the shift from the reliance on investment to consumption and from the industrial sector to services.
By the first half of 2015, China’s service sector represented 49.5 percent in the country’s total GDP, higher than a 43.7 percent share of the industrial sector.
From 2011-2014, consumption contributed to 54.8 percent of the country’s economic growth, higher than 47 percent from investment.