As the main driver of China's economic growth wool yarn for knitting

As the main driver of China's economic growth, consumption also picked up its growth momentum compared to the previous two months, contributing 65.1 percent to Q1 economic growth. Online retail sales and consumption in rural areas were robust. With tax cut measures to take effect in the following months, further consumption potential is to be unleashed.

Tax cuts will also give an extra boost to private and smaller businesses, along with other measures including cutting the social security fees paid by companies, which were announced during this year's annual session of China's top legislature.

Though it is tempting to release "flood-like" stimulus and achieve eye-catching economic growth, measures like tax cuts and fee reductions will provide a healthier and more sustainable recovery momentum.

As the Chinese government has set a target range of 6 to 6.5 percent economic growth for the whole year, it is unrealistic to expect a sharp rebound in China's economy in the short term.

Instead, an improved economic structure will generate steadier growth against the backdrop of a global slowdown. The world can be relieved that China is on the right track.