BEIJING, July 9 (Xinhua) – China’s retail sales are expected to reach 50 trillion yuan ($ 7.72 trillion) by 2025, an expected average annual growth of 5% for the period. 14th five-year plan (2021-2025), the Ministry of Commerce announced on Friday.
China is committed to building a strong domestic market with new measures to promote a higher level of openness over the period 2021-2025, according to a business development plan released by the ministry.
Online retail sales will grow an average of 7.6 percent annually to 17 trillion yuan, with merchandise trade expected to total $ 5.1 billion by 2025, according to the plan.
China will strive to play a better role in global economic governance and strengthen its capacity to prevent and defuse risks, according to the plan.
The plan also listed measures to further promote pilot free trade zones and free trade ports as major hubs to better serve the country’s new development paradigm of “dual trafficâ€.
“Dual circulation†allows domestic and foreign markets to reinforce each other, with the domestic market being the mainstay.
In addition to the 2021-2025 development goals, the plan also provided for an outlook for better trade growth in 2035.