China's retail sales of consumer goods grow 5.5% annually since 2021: minister

BEIJING -- 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 $7 trillion) in 2025, Chinese Minister of Commerce Wang Wentao said Friday. 

The retail sales of consumer goods in China rose to 48.3 trillion yuan in 2024 from 39.1 trillion yuan in 2020, Wang said.

According to the World Bank, in terms of actual purchasing power, China's retail sales of consumer goods have surpassed that of the United States, reaching 1.6 times that of the United States last year.

Consumption has contributed around 60 percent of China's economic growth on average annually over the past four years, and the role of consumption as the economy's main engine has continued to strengthen, Wang said.

Sales revenue under trade-in programs in China has surpassed 2.9 trillion yuan as of the end of June.

China's service consumption continues to grow rapidly, with household spending on services reaching 46.1 percent last year, according to Wang.

During the 15th Five-Year Plan period (2026-2030), China will continue to reduce restrictive measures in the service consumption sector, Wang said.

From 2021 to 2024, China imported consumer goods worth 7.4 trillion yuan, demonstrating the significant contribution of its vast market to global development.

China has refined its departure tax refund policy, and the total spending by inbound tourists reached $94.2 billion in 2024, marking a remarkable increase of 77.8 percent year-on-year, Wang added.