China’s 15th five-year plan for consumption

China released its 15th five-year plan for expanding consumption on July 14, setting out the country’s priorities for strengthening domestic demand between now and 2030. It targets retail sales of around 60 trillion yuan (US$8.9 billion) by that year, and sets goals to increase the consumption of services and digital products, strengthen household spending power and improve the overall consumer environment. Key points are summarised below. 1. General strategy Make expanding domestic demand a...