(Yicai Global) April 17 -- An official at China's National Bureau of Statistics has rebuffed the notion that improvements in the country's economy are capital-driven.
From a demand perspective, consumption remains the biggest contributor to the Chinese economy, spokesman Mao Shengyong said at a press briefing today. Consumption contributed to 77.2 percent of economic growth in the first quarter, up 2.2 percent from a year ago, while the contribution of capital declined substantially.
Mao made the remarks when questioned by reports who suggested some economists believe China's growth is still driven by capital such as infrastructure investment and property investment.
In terms of industrial structure, tertiary industry contributed to more than 60 percent, and remained the biggest driver of economic growth in China, Mao said, adding that the real estate industry contributed to 7.2 percent of first-quarter growth.