China has approved a State Council plan targeting around 60tn yuan ($8.84tn) in total retail sales of consumer goods by 2030, part of the 15th five-year plan framework.
According to state-run news agency Xinhua, the plan also seeks to substantially raise the share of household consumption within gross domestic product (GDP) and to secure relatively rapid growth in overall spending on goods and services.
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Further objectives set out in the plan include reshaping the composition of consumption, strengthening consumers’ spending power, expanding the range of goods and services on offer, and improving conditions surrounding consumption.
The fresh target comes after China’s consumer market cleared an earlier threshold, with total retail sales of consumer goods hitting 50.1tn yuan in 2025. This marked the first time the figure has topped 50tn yuan during the 14th five-year plan period, which ran from 2021 to 2025.
Over that same five-year stretch, final consumption expenditure contributed an average of 58.8% to economic growth, a rise of ten percentage points compared with the preceding five-year period.
In approving the plan, the State Council has called for stronger domestic demand, targeted measures to lift consumption, growth in services spending, upgrades to goods consumption, and a broader mix of business formats.
It has also directed local authorities to make consumption growth a central priority within economic and social development plans for the 15th five-year plan period, tailoring the objectives and policy tools to local circumstances.
A report from the South China Morning Post (SCMP) noted that the plan’s unveiling comes amid weaker-than-anticipated retail performance.
Citing National Bureau of Statistics figures, the publication reported that retail sales climbed 1.4% year-on-year across January to May, after slipping 0.6% year-on-year in May itself.
The SCMP further reported that the earlier 50tn yuan goal, which the Ministry of Commerce had set for 2025, was reached at a compound annual growth rate the publication calculated at roughly 5%.
The publication also noted that the new plan gives greater weight to services consumption – spanning catering, elderly and early childcare spending, tourism and sport – relative to merchandise retail while property and car sales continue to serve as key drivers of goods spending.
Last week, China set out a five-year strategy to overhaul its retail sector as part of broader efforts to strengthen domestic demand and generate employment.
