Consumption has grown into Chinas largest power for growth, making up nearly 80 percent of the countrys GDP growth, according to a special session of the 2018 China Development Forum held this Monday.

Chinas economy is now less dependent on capital input and foreign trade, the session said, predicting that the consumption market will further boost the countrys economic growth.

The role of consumption in Chinas GDP growth has changed dramatically over the past seven to eight years, previously contributing less than 50 percent of Chinas economic growth.

Mao Shengyong, spokesperson of Chinas National Bureau of Statistics, once disclosed that internal demand was a decisive factor for Chinas economic growth, and consumption played a major role in Chinas internal demand.

In addition, the upgrading of Chinas consumption market is also driving the countrys economic development.

Zong Qinghou, chairman and CEO of Hangzhou Wahaha Group, the leading beverage company in China, noted that between 300 to 400 million Chinese people are middle-class income earners who are relatively well-off. As such, this group are developing toward higher-level consumption, and in turn Chinas consumption market has growing potential, Zong added.