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Chinanews, Beijing, Jan. 14 – The State Development and Reform Commission Research Insitute issued a report yesterday predicting that consumption growth rate might slow down in 2007, as a result mainly from people’s soaring expenditure1 on education and medical costs.
In 2006, consumption growth rate was the highest in the past ten years. In spite of this, the proportion of consumption in Chinese residents’ total expenditure had declined from 48.8% in 1991 to 38.2% in 2006, hitting a historical low. In the report, SDRC predicts that existing problems in consumption will become more evident this year. In China, productions of over 70% of commodities exceed their demands and there are no goods in short supply. The problem of excessive supply will become more severe this year. Over the past few years, Chinese residents' expenditure on education and medical costs have increased substantially to become the major reason for consumption to remain sluggish2. The report says that from 1998 to 2002, Chinese people's expenditure on tuition fees and childcare has increased 112.1% in five years, and the average costs in healthcare and rehabilitation3 services have increased at an annual rate of 10% or more. The SDRC think tank suggests that Chinese government should make more input4 on public services and provide more public service products that are in line with the public's demand. By doing so, the prices of public services can remain stable or be lowered so that residents can spend more money on service industry.
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