Business Brief (July 14): China Approves Five-Year Plan to Expand Consumption

HOT TOPICS

State Council Approves 15th Five-Year Plan to Expand Consumption

China’s State Council approved the 15th Five-Year Plan for expanding consumption, which targets total retail sales of consumer goods to reach around 60 trillion yuan ($8.8 trillion) by 2030. The plan sets out 28 key tasks, including specific measures to increase residents’ incomes by improving the policy system for factor-based distribution and promoting higher pay for those who work more, those with higher skills and those who innovate. It also aims to promote the sustained and healthy development of the real estate market and consolidate the stable and positive trend of the capital market.