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China's State Council Information Office briefed media on "achievements in high-quality commerce development" during the period covered by the 14th Five-Year Plan (2021 – 2025).
Over the past four years, total retail sales of consumer goods have shown growth at an average annual rate of 5.5 percent, maintaining China's position as the world's second-largest consumer market. While China's retail sales amount to about 80 percent of those in the U.S. in absolute terms, World Bank data indicates its purchasing-power-adjusted consumption is 1.6 times larger.