China unveils plan to modernize retail sector by 2030

(ECNS) -- China has released a plan to build a modern retail system by 2030 and foster globally competitive retailers.

The initiative aims to improve retail planning, accelerate digital transformation and create new consumption scenarios to support high-quality industry development.

The Ministry of Commerce said the retail sector is undergoing a critical transformation while facing challenges including supply-demand mismatches, rising operating costs and an imbalance between online and offline retail.

Experts say more diverse and personalized consumer demand is driving retail innovation, which is expected to unlock new consumption potential and provide fresh momentum for China's economic growth.

(By intern Zou Hanjun)