Investment contributes over 90% to China's GDP growth
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Investment accounted for 92.3 percent of China's Gross Domestic Product (GDP) growth in 2009, National Bureau of Statistics (NBS) announced Tuesday.
Of the GDP growth of 8.7 percent last year, investment growth contributed 8 percentage points, said a statement on the NBS website.
Consumption contributed 4.6 percentage points, or 52.5 percent, of last year's GDP growth, while net exports dragged down GDP growth by 3.9 percentage points, or 44.8 percent, said the statement.
China's investment on fixed assets totaled 22.48 trillion yuan (3.3 trillion U.S. dollars) in 2009, up 30.1 percent year on year, and retail sales in 2009 rose by 16.9 percent year on year to hit 12.53 trillion yuan.
Total foreign trade value in 2009 dropped to 2.21 trillion U.S. dollars, down 13.9 percent year on year, and the trade surplus fell 34.2 percent to 196.1 billion U.S. dollars, according to the NBS.
In 2007, investment contributed 4.3 percentage points to GDP growth, and the figures for consumption and net exports were 4.4 and 2.7 percentage points respectively, according to NBS.
The NBS does not provide statistics for 2008, as GDP growth in 2008 was revised last month.
Investment, consumption and net exports are three factors on which GDP is calculated. China's GDP totaled 33.53 trillion yuan (4.91 trillion U.S. dollars) in 2009.
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