Consumption rates in cities on the Chinese mainland will reach 13.2 trillion yuan with Beijing, Shanghai , Guangzhou and Tianjin ranking in the top four , but western cities are growing faster, the Beijing News reports.
The Central University of Finance and Economics, Capital University of Economics and Business and other universities jointly released a report on 16 April on the consumption rates of Chinese mainland cities in 2012.
The total consumer power of China's mainland cities hit 13.2 trillion yuan, a 16.3 percent increase from the previous year's 11.4 trillion yuan, higher than the 8.8 percent GDP growth rate mentioned in the government work report.
The top 10 provinces had consumption rates totaling 8 trillion yuan, occupying 60 percent of the national total. The consumption capacity of Guangdong, Jiangsu and Shandong all surpassed one trillion yuan, accounting for a quarter of the total. The top 20 cities' reached 4.7 trillion yuan, accounting for 35.6 percent.
Concerning consumption, the speed of growth in western cities is faster than that in China. Chongqing, a municipality directly under the jurisdiction of the central government, and Chengdu, provincial capital of Sichuan in southwest China, experienced the quickest growth, with expansions over 15 percent. But growth rates in Beijing, Shanghai, Qingdao, Foshan remained sluggish, garnering under 10 percent.
The reason behind this boom in consumption is largely due to government efforts to increase consumption on the mainland.
The top 10 cities by consumption rates are as follows.1. Shanghai 2. Beijing 3. Guangzhou 4. Tianjin 5. Chongqing 6. Shenzhen 7. Chengdu 8. Qingdao 9. Suzhou 10. Wuhan
