China eyes RMB60 trillion consumer market in new growth plan

The Chinese government has unveiled a new plan to stimulate domestic consumption during the 15th five-year plan period, positioning household spending as a key growth driver.

By 2030, it aims to achieve a marked rise in the household consumption rate, with total retail sales of consumer goods reaching approximately RMB 60 trillion – signalling a strategic shift towards a more resilient, demand-driven economy.

Central to the strategy is a broad upgrade of service industries. The plan envisions higher standards in catering, accommodation, and domestic worker services. For the ageing population, it promises improved elderly care products and services, while for younger families, it pledges better childcare, children’s goods and nationwide child-friendly infrastructure.

Beyond everyday services, the government prioritises leisure and lifestyle spending: cultural and tourism consumption will be vigorously expanded to elevate the quality and diversity of cultural offerings, while sport is identified as another key growth sector, with authorities set to support event-led industries centred on winter sports.

Further measures boost health consumption, enhance retail pharmacies’ professional service and wellness outreach roles, and lift standards for education and training services. The state also encourages universities, research institutions and social organisations to distribute premium educational resources more broadly.

Within digital consumption, authorities promote artificial intelligence (AI) integration into consumer services. Initiatives include boosting technological innovation, widening AI use cases in home services, aged and disabled care, culture and tourism, education, training and rehabilitation nursing, accelerating uptake of smart devices and building supporting industry ecosystems.

The plan also prioritises green consumption, experiential spending, and inbound tourism.

On goods, the strategy aims to expand and upgrade spending on major durable items, with a particular focus on automobiles. This involves encouraging innovation across the entire automotive circulation chain, boosting second-hand car trading, and developing aftermarket services such as vehicle modification, leasing, motorsport events, and caravan camping.

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