Since the launch of the 14th Five-Year Plan, China’s commerce sector has weathered multiple shocks and stood the test of time. Across consumption, foreign trade, investment, and international cooperation, major targets have progressed as expected, and high-quality development in commerce has made remarkable strides.
Consumption as the Main Engine
Consumption has grown into both an engine and stabilizer of the economy. The scale of consumption has continued to expand, with retail sales of consumer goods rising at an average annual rate of 5.5% over the past four years. This firmly cements China’s position as the world’s second-largest consumer market.
Consumption quality is also improving: the “trade-in” initiative for consumer goods has driven sales of RMB 2.9 trillion, with around 400 million people benefiting from subsidies in just the first half of this year.
The market is also opening further, linking domestic and international goods. From 2021 to 2024, China imported consumer goods worth RMB 7.4 trillion, bringing more high-quality products and services into daily life. At the same time, broader visa-free policies and optimized tax refund measures are making “Travel in China” and “Shop in China” increasingly popular with global visitors.
Trade and Investment Remain Resilient
Despite global headwinds, China’s foreign trade has held steady and shown resilience. The country remains the world’s largest trader in goods, accounting for over 14% of global exports and more than 10% of imports.
In services, China is now the world’s second-largest trader, with volumes surpassing US$1 trillion for the first time last year.
Foreign investment quality has also improved, with cumulative inflows already exceeding US$700 billion, meeting expectations ahead of schedule. The “Invest in China” brand continues to shine, supported by a more optimized investment structure.
Trade partnerships are becoming more diverse, with over 50% of trade in 2024 conducted with Belt and Road partner countries.
Strength in the Face of Challenges
Global trade is facing strong headwinds, from tariff disputes to supply chain disruptions. Yet China continues to demonstrate resilience thanks to its massive domestic market, strong governance, and a complete industrial system that keeps industries running smoothly.
China’s ability to balance internal demand with external challenges reassures investors and trading partners. This strength highlights China’s role as both a growth engine and a stabilizer in the global economy.
Looking Ahead
With the 15th Five-Year Plan on the horizon, China is preparing to expand opportunities through innovation, green development, and digital transformation. Key industries such as AI, healthcare, and big data are opening further to global participation.
China is also aligning with high-standard international trade rules to create a more open, fair, and predictable business environment. This vision emphasizes mutual benefit and positions China as a central player in shaping the future of global trade.
