China's economy has experienced high-speed growth during the past two decades. But now the speed is slowing down, and more attention is being given to high-quality development. So what can stimulate the market in light of the economic downward pressure? And what will continue to drive the economy going forward?

There are two things that make people happy: buying stuff, and making stuff. The first means consumption, the second innovation. And today, we'll talk about consumption which has become the largest driver of China's economic growth for 6 years in a row.

Nearly 80%, that's how much consumption contributed to the nation's growth in 2018. But some are still worried, since last year's retail sales, a main gauge of consumption grew only 9 percent. It was the slowest growth in 15 years and triggered concerns of "sluggish demand" and "consumption downgrading".

But experts say a slowdown in retail sales growth is not equivalent to a "consumption downgrade". They say weaker retail figures are mainly due to sluggish auto sales. Take auto sales out of the equation, and China's consumption has remained strong. Moreover, sales of various kinds of quality products, like high-end home appliances increased remarkably. Furthermore, a big part of expenditures not factored into this calculation -- services. Since retail sales of consumer goods are calculated based on the sales of only physical commodities, spending on services like education, entertainment and medical care are not included. So it all delivers one key message: China's consumption is changing, optimizing but not downgrading.

Looking ahead, the Chinese government has committed to launching various measures, including increasing the supply of goods and reducing taxes, to not only enable people to buy more but ultimately to make consumption a bigger part of propelling economic development.