Mainland China shares closed higher in volatile trading on Friday, 05 June 2015, with the benchmark Shanghai Composite Index up 1.5% to 5023.10, registering a first finish of above 5K level in over seven years.
The market gain mostly propelled after official data showed China's consumption made a larger contribution to the Chinese economic growth in 2014. Consumption contributed 50.2% to China's gross domestic product growth in 2014, up 0.2 percentage points from 2013, according to data from the National Bureau of Statistics. Consumption totaled 32.83 trillion yuan (US$5.3 trillion) in 2014, up from 30.1 trillion yuan the previous year. Investment provided 48.5%down from 54.4% in 2013, and net exports contributed 1.3% to 2014 GDP growth, up from the negative 4.4% contribution the previous year. China's economic growth over the past two decades relied heavily on capital investment and exports. To ensure a more sustainable economic development, the government has been pushing for domestic consumption to grow to dilute reliance on investment and exports. China's GDP in 2014 was 64.08 trillion yuan, up from 58.97 trillion yuan the previous year.
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