China aims to speed up domestic store openings by 2025

The country is targeting a 5% retail sales growth by 2025.

China is aiming to build a strong domestic market, with new steps to promote a higher level of opening-up during the 2021 to 2025 period, for the 14th Five-Year Plan period, Xinhua reported based on a statement from the Ministry of Commerce.

China is targeting a 5% retail sales growth by 2025, which will translate to sales of $7.72t (RMB50t) during that period, according to a business development plan issued by the ministry.

The plan stated that the country will work to play a better role in global economic governance and enhance its capacity to prevent and defuse risks. In addition to 2021 to 2025 development targets, the plan also provided an outlook for higher quality commerce growth in 2035.