China targets 60tr yuan consumer retail sales by 2030

China aims to lift total retail sales of consumer goods to around 60 trillion yuan ($8.3 trillion) by 2030 and foster 10-trillion-yuan markets in green, smart and health-related consumption, the Ministry of Commerce said on Monday.

The guidelines, jointly issued by the ministry and six other government departments, also call for continued growth in retail sales of major trillion-yuan product categories, including automobiles, home appliances, with China expected to remain one of the world's largest markets for such products.

On automobiles, authorities plan to advance pilot reforms in distribution and consumption and further develop the used-car market. The document also calls for wider adoption of smart home products.

The guidelines also seek to unlock further consumption potential by supporting spending on specialty goods, particularly products for older people, infants and children, and by promoting consumption of China-chic products, quality export products and premium international goods, the ministry said.

Meanwhile, the guidelines encourage greater use of interest subsidies on consumer loans and call on financial institutions to step up financing support for purchases of automobiles, home appliances, digital products and smart home systems.

The ministry said it would work with relevant departments to ensure the measures deliver tangible results, driving continued growth and upgrading in goods consumption, bolstering domestic demand and fostering a stronger domestic market.