China's Consumption Market in Solid Expansion

Official data show China’s total retail sales of consumer goods rose 13.7% year on year to 39.96 trillion yuan ($6.25 trillion) in the first 11 months of 2021. The country is expected to be the world’s largest market during the 14th Five-Year Plan period (2021-25), Xinhua reported.

Service consumption accounts for more than 45% of China’s consumption, said Chi Fulin, head of the Hainan-based China Institute for Reform and Development, expecting the country to become the world’s largest new market for service consumption.

Read the full report: Xinhua

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.