Great potential in 2013 to expand consumption: Ministry

China has great potential in expanding consumption in 2013 following a surge last year, Shen Danyang, spokesman of the Ministry of Commerce, told a news briefing on Wednesday.

China is at a stage of upgrading consumption, Shen said, and the savings balance of urban and rural residents was close to 40 trillion yuan ($6.4 trillion), suggesting strong consumption, especially in high-end and services consumption.

Further policies related to income and distribution will further unlock consumption potential, while lower supply costs will improve the consumption environment, he said.