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Bullish retail sales
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CHINA’S retail sales would hit about 48 trillion yuan (US$7 trillion) by 2020, with average annual retail sales growth at 10 percent, the Ministry of Commerce said yesterday.
E-commerce trade volume is also projected to grow at an average 15 percent annually in the 2016-2020 period, according to a five-year plan for the country’s domestic trade posted on the ministry’s website.
China has pledged to transform the economy into one more reliant on consumption than exports, and cut overcapacity in industrial sectors, amid stubbornly weak external demand.
The plan laid out nine “major tasks” to achieve the growth targets, such as pushing businesses to innovate and modernizing traditional sectors.
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