Consumer spending seen as key to economic growth

Net exports, which depend more on external demand and the global economic environment, showed larger fluctuations as they accounted for 4.3 percent of the GDP increment in the first half, 1.7 percent in 2014 and minus 2.4 percent in 2013.

Five-Year Plan sets out poverty goal

China will work to lift 70.17 million rural residents out of poverty in the next five years in order to achieve the goal of building a moderately prosperous society by 2020, an official told foreign diplomats on Monday.

The CPC Central Committee's suggestions on the 13th Five-Year Plan (2016-20) emphasizes that China's development should contain new concepts: innovation, coordination, green development, openness and sharing.

Yang Weimin, deputy director of the Office of the Central Leading Group on Financial and Economic Affairs, said lifting more than 70 million rural residents out of poverty will be part of the country's efforts to achieve more equitable development.

Innovation means China should regard innovation as the most important driver of its economy in the future, as traditional drivers of economic growth are losing steam, while new growth points have not yet fully taken shape, Yang said at the briefing attended by 150 diplomats from almost 120 countries.