China has adopted a five-year strategy with a target of about 60 trillion yuan in retail sales - roughly $8.85 trillion - by 2030, part of an explicit push to expand domestic consumption and lift household incomes.
Approved by the State Council, the plan marks the country's first five-year effort dedicated specifically to strengthening consumption. The document sets out an objective to raise the household consumption rate and to make consumption a more central driver of economic growth.
A major component of the strategy is an emphasis on services consumption. The government intends to accelerate spending in sectors such as elderly care, childcare, healthcare, culture, tourism, sports and education, with the aim of broadening the mix of goods and services that households purchase.
To support inbound tourism spending, the plan calls for expanding visa-free entry to additional countries and adding direct international flights to Europe, the United States and nations participating in the Belt and Road Initiative. Authorities also signal a push to foster new consumption models, highlighting digital consumption, AI-powered consumption, green consumption, experiential spending and increased inbound consumption.
On household finances, the plan proposes measures to enhance spending power through stronger employment, higher wages, increased property income, improved social security and better public services. These measures are presented as levers to encourage higher household outlays.
In a further move to remove barriers to spending, Beijing pledged to eliminate what it described as "unreasonable restrictive measures" that affect car purchases, housing and approvals for entertainment events.
Finally, the plan calls for fiscal and financial policy to place greater emphasis on direct benefits to consumers, on livelihood-related spending and on consumption-related infrastructure. The document frames these policy priorities as supportive of the broader goal to expand consumption's role in economic growth.