Key facts
- China's State Council approved the 15th Five-Year Plan for expanding consumption.
- The plan aims for total retail sales of consumer goods to reach approximately 60 trillion yuan ($8.8 trillion) by 2030.
- Measures include improving income distribution policies and promoting higher pay for skilled and innovative workers.
- The plan also seeks to support the real estate market and stabilize the capital market.
China's State Council has officially approved the 15th Five-Year Plan, a comprehensive strategy designed to significantly expand domestic consumption. The ambitious plan sets a target for total retail sales of consumer goods to reach approximately 60 trillion yuan, equivalent to $8.8 trillion, by the year 2030.
To achieve this goal, the plan outlines 28 key tasks. A central focus is on increasing residents' incomes through policy improvements related to factor-based distribution, aiming to reward higher skills, innovation, and increased work output. Furthermore, the plan intends to foster the sustained and healthy development of the real estate market and reinforce the stable and positive trajectory of the capital market.