China's consumer market has ranked as the world's second largest during the period of the 14th Five-Year Plan (2021-2025) for socioeconomic development, with total retail sales of consumer goods expected to exceed 50 trillion yuan (about seven trillion U.S. dollars) this year.
Consumption has contributed approximately 60 percent to China's annual economic growth on average, and a larger, higher-quality consumer market is providing strong support for China's high-quality economic development.
China's total retail sales of consumer goods increased from 39.1 trillion yuan (5.45 trillion U.S. dollars) in 2020 to 48.3 trillion yuan (6.73 trillion U.S. dollars) in 2024, representing an average annual growth rate of 5.5 percent.
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.
Moreover, China has retained the title of the world's largest online retail market for 12 consecutive years, and automobile sales have remained the No.1 globally for 16 years. China also continue to hold leading positions worldwide in many market segments.
Quality consumption has also become increasingly accessible to everyday households. In the current trade-in program sponsored by the government, for example, retail sales of home appliances by enterprises above the designated size have maintained double-digit growth since September last year. In the first half of this year, half of all cars sold nationwide were new energy vehicles (NEVs). Approximately 400 million purchases have benefited from government subsidies so far.
Even more impressive than product consumption is the growth of the service consumption sector. Between 2020 and 2024, annual spending on services by Chinese residents increased by 9.6 percent on average. Today, for every 10 yuan spent by consumers, roughly 4.6 yuan goes toward services.
With new business models and consumption scenarios emerging rapidly to meet evolving consumer preferences, China's consumption engine continues to demonstrate strong momentum, playing an increasingly vital role in fueling the country's high-quality economic development.
China’s consumer market growth fuels economic development momentum
A major port in northern Venezuela came under U.S. airstrikes in the early hours of January 3, which caused extensive damage to civilian infrastructure, destroyed critical medical supplies in a warehouse, and severely impacted centuries-old cultural heritage sites, according to local residents.
The La Guaira Port, a vital hub for imports that support daily life in the region, was heavily damaged during the attack.
Large quantities of medical supplies stored at the port were destroyed. A historic cultural building dating back for some 300 years was also badly damaged by the bombardment.
Residents living near the port recalled the terrifying scenes as explosions shook nearby neighborhoods.
Humberto Bolivar, who lives in a community separated from the port by only a main road, said the blast waves shattered his home's windows, while stray shrapnel struck the water tank on his roof. According to reports, three missiles were fired at the port that night.
Bolivar said that beyond material losses, he is most concerned about the psychological impact on his children, who remain too frightened to leave their home days after the attack.
"The United States invaded our country. The children were frightened. This is not good for them, because it leaves some children with psychological trauma. They do not want to go to school or leave the house, because they are afraid that something worse might happen. We truly do not want this to happen to our country," he said.
Apart from civilian facilities, local cultural heritage site was also affected.
The La Guaira state government building, a structure with nearly 300 years of history and once served as the site of Venezuela's first national customs office, was struck by the force of the explosions.
Windows of the building were shattered, and furniture scattered across the floor.
"As people of La Guaira, we feel deep pain. Our cultural heritage has been bombed. We are living in constant anxiety and suffering, and life can no longer be the same as it was before," said a local named Henry Cumares.
The U.S. side has claimed the airstrikes targeted warehouses allegedly used to store narcotics. However, locals refuted such accusation.
"According to what Donald Trump said, they bombed this place using the excuse that the warehouses here were used to store drugs at the port. But based on the video released by our governor, these warehouses that were burned contained medicine for kidney patients and foods. Many people depend on these supplies to survive. I think the bombing is extremely despicable," said a local resident named Alejandro Capriles.
US strike hits Venezuelan port, wrecking medical supplies, heritage building
