On November 20, 2012, Qiushi Theory, a periodical on political theory published by the Central Committee of the Chinese Communist Party and the CCP Central Committee school, reprinted an article from Ziguangge (cpc.people.com.cn), a periodical under People’s Daily, having the title, “Boosting Consumption Is the Fundamental Way for China to Get Out of Its Economic Predicament”.
According to the article, China’s economic growth rate has fallen over the past several quarters. The period of the export-led economy may be over. Therefore, China’s economy must shift from excessive dependence on external markets to production for the domestic market. China’s Ministry of Commerce has established a goal in its 12th Five-Year Plan of having around a 15% average annual increase in total retail sales of consumer goods so as to reach the goal of 32 trillion yuan by 2015.
Source: Qiushi Theory, November 20, 2012