MOFCOM: China's consumer market remains second largest globally

In a press conference on Friday, China's State Council Information Office laid out the "remarkable progress" the country has made during the period covered by the 14th Five-Year Plan (2021 – 2025). 

Minister of Commerce Wang Wentao said China's consumer market remains the second largest globally, with an average annual growth rate of 5.5 percent in retail sales of consumer goods, and is expected to top 50 trillion yuan, or about $7 trillion in 2025. Leading the world in the total volume of trade in goods, Wang also said foreign direct investment, or FDI, into the Chinese mainland, in actual use, has exceeded the target of $700 billion since 2021.

Addressing talk on China – U.S. "decoupling," Wang stressed how both countries "stand to gain from cooperation and lose from confrontation."