China eyes annual retail sales growth of 5%

BEIJING -- China's retail sales are expected to reach 50 trillion yuan ($7.72 trillion) by 2025, an expected average annual growth of 5 percent for the 14th Five-Year Plan period (2021-2025), the Ministry of Commerce said on Friday.

China has vowed to build a strong domestic market with new steps to promote a higher level of opening-up during the 2021-2025 period, according to a business development plan issued by the ministry.

China will work to play a better role in global economic governance and enhance its capacity to prevent and defuse risks, according to the plan.

In addition to 2021-2025 development targets, the plan also provided an outlook for higher quality commerce growth in 2035.