Photo:Xinhua

China's consumer market has remained the second largest globally since the 14th Five-Year Plan period (2021-25), with an average annual growth rate of 5.5 percent in retail sales of consumer goods over the past four years, and is expected to exceed 50 trillion yuan ($6.96 trillion) in 2025, Chinese Minister of Commerce Wang Wentao said on Friday.

Wang noted that from 2021 to 2024, China's retail sales in absolute terms were equivalent to about 80 percent of those in the US. When measured by actual purchasing power, China's retail sales surpassed those of the US, reaching 1.6 times the US level, according to World Bank data and algorithms.

Global Times