Key facts
- China aims for retail sales to reach approximately $8.85 trillion by 2030.
- The government's plan focuses on expanding consumption and modernizing the retail sector.
- Key initiatives include boosting services consumption (elderly care, childcare) and developing tourism.
- The plan aims to accelerate digital transformation and create new consumption scenarios.
- Efforts will be made to invigorate consumption in lower-tier markets and upgrade county-level marketplaces.
China has outlined a plan to establish a modern retail system by 2030, targeting retail sales of approximately 60 trillion yuan ($8.85 trillion). The initiative, released by the Ministry of Commerce and other government departments, aims to boost domestic demand, consumption, and jobs by accelerating the retail sector's innovative development and digital transformation.
The plan emphasizes improving retail planning, fostering globally competitive retailers, and creating new consumption scenarios. Specific goals include enhancing services consumption, such as elderly and childcare support, and developing tourism by expanding visa-free policies and increasing international flights. Efforts will also focus on invigorating lower-tier markets and upgrading county-level retail infrastructure.
Authorities intend to promote offline retail as venues for shopping, leisure, and social interaction, while online retail will offer abundant choices with standardized operations. The guideline encourages strengthening procurement quality control, combating counterfeit goods, and providing value-added services like customization and home delivery. It also supports the renovation of commercial districts and the upgrading of equipment in physical retail spaces.
Furthermore, the plan supports large retail operators in expanding globally through various strategies and aims to enhance digitalization and intelligence within the sector. Experts believe these measures are expected to unlock new consumption potential and provide momentum for China's economic growth amidst challenges like rising operating costs and supply-demand mismatches.