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Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
Beijing, December 10 (Xinhua) — During the 15th Five-Year Plan period (2026-2030), China's retail sector will be a key focus for building a complete domestic demand system, while also guiding the sector toward a quality- and service-driven development model to achieve high-quality growth, Vice Minister of Commerce Sheng Qiuping announced on Tuesday.
He said the retail sector plays a key role in stimulating consumption and ensuring a sustainable economic recovery, but it still needs further improvements in areas such as store location, matching supply and demand, and ensuring a balance between online and offline formats.
Companies in this sector must win over consumers with high-quality products and services, promoting best practices and the experience of enterprises such as Pandonglai, a popular chain of supermarkets, shopping malls and cinemas, to accelerate transformation and modernization, the deputy minister said.
He stated the need for additional increased attention to lower-tier markets and the introduction of new formats, models, and business scenarios there that help unlock consumer potential.
The Deputy Minister also spoke in favor of deeper integration of online and offline consumption, as well as fully utilizing the market's decisive role in resource allocation.
Since the start of the 14th Five-Year Plan (2021-2025), the retail sector has made a significant contribution to stimulating consumption and investment in China. By the end of 2024, the country's retail sales of consumer goods increased by 3.5 percent compared to 2023. -0-
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