Domestic consumption, the vitality of innovation and the dividends of further reforms will boost next-stage growth

A recent slowdown in the troika of China's economy export, investment and consumption has highlighted the need for the world's economic powerhouse to find new sources of sustainable growth to facilitate its bid to build a well-off society in an all-round way and realize its long-cherished dream of national rejuvenation.

According to the National Bureau of Statistics, the country's final consumption declined to 51.8 percent of its gross domestic product in 2012, down from 62 percent in the 1980s, and its household consumption declined to 49.1 percent in 2011, from 65.6 percent in 1980. Aside from high investment and deposit ratios and the high government spending that have squeezed household consumption, the country's ever-widening income gap and the weak pro-consumption policies have also contributed a great deal to its consumption insufficiency.