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15% boost to retail sales annually
By Wang Yanlin |
September 11, 2012, Tuesday
|
Print Edition
Print Edition
CHINA seeks to boost retail sales by 15 percent annually to 2015 as the government beefs up efforts to expand domestic demand.
China will encourage domestic consumption to power the economy, the State Council, China's Cabinet, said in its 12th Five-Year (2011-2015) Plan for the development of domestic trade which was released yesterday.
Under the plan, retail sales are expected to rise to 32 trillion yuan (US$5.07 trillion) in 2015 from 15.7 trillion yuan in 2010. The country's vast rural markets will also be tapped to unlock their potential.
"Retailers and producers need to forge a closer relationship," the plan said. "It can help produce goods needed by the market and accelerate the upgrading of various industries."
The plan also identifies e-commerce as an important sector to accelerate retail sales. The transaction value of the online business is set to grow at more than 30 percent annually to 18 trillion yuan in 2015 from 4.5 trillion yuan in 2010.
In the first eight months of this year, China's retail sales grew 14.1 percent, down from last year's 17.1 percent rise, due to the economic downturn.
The plan will also create 130 million jobs in the domestic trade sector in 2015, up from 103 million in 2010.
China will encourage domestic consumption to power the economy, the State Council, China's Cabinet, said in its 12th Five-Year (2011-2015) Plan for the development of domestic trade which was released yesterday.
Under the plan, retail sales are expected to rise to 32 trillion yuan (US$5.07 trillion) in 2015 from 15.7 trillion yuan in 2010. The country's vast rural markets will also be tapped to unlock their potential.
"Retailers and producers need to forge a closer relationship," the plan said. "It can help produce goods needed by the market and accelerate the upgrading of various industries."
The plan also identifies e-commerce as an important sector to accelerate retail sales. The transaction value of the online business is set to grow at more than 30 percent annually to 18 trillion yuan in 2015 from 4.5 trillion yuan in 2010.
In the first eight months of this year, China's retail sales grew 14.1 percent, down from last year's 17.1 percent rise, due to the economic downturn.
The plan will also create 130 million jobs in the domestic trade sector in 2015, up from 103 million in 2010.
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