China targets $8.85 trillion retail sales by 2030

Investing.com -- China released a five-year plan on Monday targeting retail sales of around 60 trillion yuan ($8.85 trillion) by 2030 as part of efforts to expand consumption and raise household incomes.

The State Council approved the plan, which represents the country's first five-year strategy focused specifically on boosting consumption. The government aims to increase the household consumption rate and strengthen consumption's role in driving economic growth.

The plan calls for increased services consumption across elderly care, childcare, healthcare, culture, tourism, sports and education sectors. China will expand visa-free entry to more countries and add direct international flights to Europe, the United States and nations participating in the Belt and Road Initiative to support tourism spending.

Beijing plans to promote new consumption models including digital consumption, AI-powered consumption, green consumption, experiential spending and inbound consumption.

The government will work to increase household spending power through stronger employment, higher wages, more property income, improved social security and better public services, according to the plan.

China pledged to remove "unreasonable restrictive measures" affecting car purchases, housing and approvals for entertainment events.

The plan stated that fiscal and financial policy should place greater emphasis on direct benefits to consumers, livelihood spending and consumption-related infrastructure.

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