Published on: 2026-07-14
Source: People’s Republic of China — Translation
An important disclaimer is at the bottom of this article.
Beijing, July 14 /Xinhua/ — China has set a goal to increase the annual retail sales of consumer goods to about 60 trillion yuan (approximately 8.8 trillion US dollars) by the end of 2030 and to further strengthen the role of consumption in stimulating economic growth, according to the government plan to expand consumption during the 15th Five-Year Plan period (2026-2030).
The above-mentioned plan, recently approved by the State Council of the PRC, is aimed at significantly increasing the share of household consumption in the GDP structure and achieving relatively rapid growth in the total volume of consumption of goods and services in the country.
The plan also outlined goals in other areas, including optimizing the consumption structure, continuously increasing consumer capabilities, expanding the range of goods and services, and significantly improving the consumer environment.
During the 14th Five-Year Plan period (2021–2025), China achieved impressive results in the development of the consumer market: the total volume of retail sales of consumer goods in 2025 reached 50.1 trillion yuan, surpassing the 50 trillion yuan mark for the first time.
The average contribution of final consumption expenditure to the country’s economic growth for the period from 2021 to 2025 was 58.8%, which is 10 percentage points higher than during the 13th five-year plan period.
During the 15th Five-Year Plan period, the development of China’s consumer market will enter a key stage both in terms of expanding scale and improving quality. The consumer foundation will become stable and solid, there will be a clear trend of rising consumption levels, and a rather high innovative vitality in the field of consumption scenarios, which will provide reliable guarantees for the further development of the country’s consumer market.
The State Council of the PRC noted that in the process of implementing the aforementioned plan, expanding domestic demand should be regarded as a strategic pillar, comprehensively implementing special measures to stimulate consumption, expanding service consumption, raising the level of goods consumption, and enriching business formats.
At the same time, efforts should also be directed towards increasing consumption capacity, optimizing the consumer environment, improving relevant systems and policies, establishing a long-term mechanism for expanding population consumption, and effectively identifying the primary role of consumption in the development of the national economy.
The National People’s Congress of the PRC demanded that local authorities make the expansion of consumption one of the key tasks for the socio-economic development of their regions during the 15th Five-Year Plan period and, in accordance with local conditions, actively strive to effectively implement the goals and objectives outlined in the aforementioned plan. -0-
Please note; This information is raw content obtained directly from the information source. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.