The retail sales of consumer goods in China grew 5.5 percent on average annually over the past four years, with the sales expected to top 50 trillion yuan (about seven trillion U.S. dollars) in 2025, Chinese Minister of Commerce Wang Wentao said at a press conference in Beijing on Friday.
According to Wang, China's total retail sales of consumer goods rose from 39.1 trillion yuan in 2020 to 48.3 trillion yuan in 2024.
"Consumption has increasingly played the role of a primary engine and stabilizer of China's economic growth, with the advantages of the country's vast domestic market becoming more prominent. China's consumer market has maintained its position as the second largest in the world, with the total retail sales of consumer goods growing at an average annual rate of 5.5 percent over the past four years. This figure is expected to surpass 50 trillion yuan this year," said Wang.
"Service consumption has continued to grow rapidly, with the share of consumer spending on services rising by 3.5 percentage points to reach 46.1 percent. At the same time, new forms of consumption are thriving, with emerging business models and consumption scenarios becoming increasingly diverse and dynamic, offering a more vivid and tangible reflection of the Chinese people's pursuit of a better life," he said.
"Consumption has contributed approximately 60 percent to China's annual economic growth on average, further highlighting its role as the main engine of the economy. The advantages of China's vast domestic market have been significantly strengthened, with its overall dynamism notably enhanced," said the minister.
Wang noted that in comparison with the United States, China's total retail sales last year were approximately 80 percent of the U.S. figure in nominal terms. In terms of actual purchasing power, the figure was equivalent to about 1.6 times that of the United States, based on data and algorithm provided by the World Bank, he said.
China's retail sales of consumer goods grow 5.5 pct annually since 2021: minister
