China five-year plan sets 60 trillion yuan sales target

China has unveiled its first five-year plan dedicated to expanding domestic consumption, setting an ambitious target to increase total retail sales of consumer goods to approximately 60 trillion yuan (about $8.85 trillion) by 2030. The plan, formally titled the 15th Five-Year Plan for Expanding Consumption, was approved and released by the State Council on July 13, 2026. It outlines a strategic shift to make household spending the primary engine for economic growth over the next five years, moving away from heavy reliance on investment and exports.

The blueprint establishes six core policy pillars supported by 28 specific measures. These priorities are enhancing service consumption, upgrading goods consumption, fostering new consumption formats, increasing consumer purchasing power, improving the consumption environment, and strengthening institutional support. Officials stated that boosting consumers' ability and willingness to spend is central to achieving sustainable economic growth.

A significant focus is placed on expanding and upgrading service consumption in sectors including elderly and childcare, healthcare, education, culture, tourism, and sports. The plan aims to...