China Aims for ¥60 Trillion Retail Sales by 2030 in New Consumption Plan

China's State Council has approved the "15th Five-Year Plan for Expanding Consumption," setting ambitious targets for the country's consumer market through 2030. The plan aims to significantly expand the overall scale of the consumption market and enhance residents' consumption rates. By 2030, total retail sales of consumer goods are projected to reach approximately 60 trillion yuan, with consumption playing a stronger role in driving economic growth. The plan also focuses on optimizing consumption structures, expecting a steady increase in per capita service consumption expenditure relative to total per capita consumption. Growth in developmental and improvement-oriented consumption, alongside the expansion of digital consumption, is anticipated. A key objective is to gradually reduce consumption disparities between urban and rural areas, regions, and different demographic groups. To support these goals, the plan emphasizes improving residents' consumption capacity through progress in high-quality, full employment, ensuring income growth keeps pace with economic expansion, and optimizing social security systems for greater stability and confidence. Furthermore, the plan seeks to enhance the quality and diversity of goods and services, improve supply chain completeness, and enrich consumption formats, scenarios, and models to better match supply with demand. The consumer environment is targeted for significant improvement, with advancements in standards for important products and services, a stronger credit system, and more comprehensive consumption infrastructure. This will lead to substantial increases in convenience, comfort, and satisfaction for consumers. Finally, the plan aims to refine consumption-related systems and mechanisms, effectively removing unreasonable restrictions in the consumption sector, and establishing a more robust long-term mechanism for expanding resident consumption. Enhanced synergy between consumption policies and other economic and social policies is expected to foster a more dynamic and vibrant consumer market.