The biggest driver of economic growth last year was still gross capital formation – investment plus change in inventories – which contributed 5.6 percentage points of China’s 10.3% GDP growth. Overall consumption – made up of both government and private spending – contributed 3.9 percentage points. Meanwhile net exports added 0.8 percentage points. Last year, fixed investment made up just over 46% of China’s GDP, up from 2009 and up by more than 6 percentage points from 2006. The share of household consumption fell to 34% of GDP, down from 2009 and well below the 37% level of 2006. Estimates show that it will be very hard for the government to reverse its emergency policies without triggering a sharp slowdown in growth.