China 2022-08-15T04:48:31+03:00
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China eyes annual retail sales growth of 5 pct

China eyes annual retail sales growth of 5 pct

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China, business, PRC, Retail sales, Commerce, Domestic market
Retail sales in China. Photo by Xinhua.
Retail sales in China. Photo by Xinhua.

China's retail sales are expected to reach 50 trillion yuan (7.72 trillion U.S. dollars) by 2025, an expected average annual growth of 5 percent for the 14th Five-Year Plan period (2021-2025), the Ministry of Commerce said, The Xinhua News Agency reported.

China has vowed to build a strong domestic market with new steps to promote a higher level of opening-up during the 2021-2025 period, according to a business development plan issued by the ministry.

China will work to play a better role in global economic governance and enhance its capacity to prevent and defuse risks, according to the plan.

In addition to 2021-2025 development targets, the plan also provided an outlook for higher quality commerce growth in 2035.

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