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China sets 60tn yuan retail sales target for 2030 in new consumption plan
The State Council plan aims to lift household consumption's role in GDP, with 2030 retail sales growth implied to slow to about 3.7% from 2025's roughly 5% pace.
China has approved a five year consumption plan targeting total retail sales of consumer goods of around 60tn yuan, or about US$8.84tn, by 2030, signaling a push to rebalance growth toward household spending, Forexlive reports.
The plan, released by the State Council on Monday as part of the broader 15th five year plan framework, seeks to increase the contribution of household consumption to GDP while keeping steady spending on goods and services. It also calls for reshaping how consumers spend, strengthening purchasing power, expanding available goods and services, and improving conditions around consumption, according to the report.
Local authorities are directed to treat consumption growth as a central priority in their own economic and social development plans, tailoring targets and policy tools to local conditions.
The new goal follows a 2025 milestone, when total retail sales of consumer goods reached 50.1tn yuan and surpassed 50tn yuan for the first time in the prior five year period, while final consumption expenditure contributed an average of 58.8% to economic growth, up 10 percentage points versus the preceding five years. Forexlive adds that the implied slowdown would bring annual retail sales growth to around 3.7%, reflecting weakening momentum in goods consumption even as authorities aim to boost services spending.