China expects retail sales to reach around 50 trillion yuan by 2025

China expects to see its retail sales to reach around 50 trillion yuan ($7.88 trillion) by 2025, the country's commerce ministry said on Friday.

Of this, online retail sales will reach about 17 trillion yuan, the Ministry of Commerce (MOFCOM) said in a notice outlining its domestic trade in the period of the 14th Five-Year Plan (2021-2025).

China's Five-Year Plan system is formulated to map out economic and social developments over the next five years. The first Five-Year Plan started in 1953 while the most recent one ended in 2020.

China's consumption market is the world's second largest following the United States, said MOFCOM, adding that the digital economy will bring developing opportunities to domestic trade.

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