Major cities key drivers of consumption drive

Top cities play an important role in driving consumption. The total retail sales of consumer goods in China's 22 cities with GDP above 1 trillion yuan hit 14.65 trillion yuan ($2.27 trillio) in 2020, accounting for 37.4 percent of the total retail sales of consumer goods nationwide, according to an economic research institute of 21st Century Business Herald.

As per the National Bureau of Statistics, China's average consumption rate was 53.4 percent during 2011-2019. Although the COVID-19 pandemic hit the nation in 2020, the country's consumer spending accounted for 54.3 percent of its GDP.

The cities with a large number of permanent residents have a greater advantage in the total retail sales of consumer goods, but the per capita of the total retail sales of consumer goods is more able to reflect a city's consumption power and potential, said the economic research institute.

Based on the per capita of the total retail sales of consumer goods, the economic research institute ranked 22 cities with GDP above 1 trillion yuan in 2020.

Nanjing took the first spot in the list with the per capita of the total retail sales of consumer goods at 77,300 yuan, followed by Shanghai and Beijing at 64,100 yuan and 62,700 yuan, respectively.

The economic research institute said that implementing strategy of strengthening domestic demand, and stimulating consumption potential will be important supports for China's economic development in the future.

The country should continue to promote the industry transformation and upgrading, effectively boost people's income, further reform the household registration system with provide better public service, and take multiple measures to stabilize housing prices or provide housing security to improve people's overall sense of gain, and reduce consumption worries, said the economic research institute.