China targets 60-trillion-yuan retail sales by 2030 to boost spending

(ECNS) — China aims to raise its total retail sales of consumer goods to about 60 trillion yuan (about $8.8 trillion) by 2030, further strengthening the role of consumption in driving economic growth. 

Under a consumption-expansion plan for the 15th Five-Year Plan period (2026-2030), recently approved by the State Council, China also aims to significantly raise the ratio of household consumption to GDP and achieve relatively fast growth in both goods and spending on services.  

The plan sets out objectives to optimize the consumption structure, boost consumption capacity, enhance the supply of goods and services, and improve the overall environment for consumers.

During the 14th Five-Year Plan period (2021-2025), retail sales of consumer goods reached 50.1 trillion yuan in 2025, topping 50 trillion yuan for the first time. The average contribution rate of final consumption expenditure to economic growth over the period stood at 58.8%, up 10 percentage points from the previous five years. 

In approving the plan, the State Council stressed the importance of expanding domestic demand, boosting services and upgraded goods consumption, and enriching business forms. Local governments are urged to get more people to spend as a key task in their economic and social development during the 2026-2030 period.

(By Helen Mo, intern Lin Qiaochu)