China Outlines Plan to Expand Consumption by 2030

China's State Council has approved a "15th Five-Year Plan for Expanding Consumption," aiming to significantly boost domestic spending and stimulate the economy over the next five years. A key objective is to increase total retail sales to approximately 60 trillion yuan (roughly $8.3 trillion USD) by 2030, emphasizing the enhancement of domestic demand and optimization of consumption patterns.

The plan prioritizes the promotion of consumption for large durable goods. This includes improving housing services, constructing safe, comfortable, and intelligent "good homes," and renovating old residential areas and urban zones. The automotive sector will also see increased activity through the facilitation of used car sales and development of related services. Specific focus will be placed on supporting intelligent upgrades for homes and appliances, aiming to transition from individual smart devices to comprehensive smart home systems.

Digital consumption is another cornerstone of the plan. The goal is to increase the supply of AI-powered consumer products, including smart phones, computers, wearables, and robots. The development of virtual reality films and digital cinema formats will also be encouraged. The plan seeks to promote the integration of digital services across various life sectors such as education, healthcare, and tourism.

Advancing green consumption is also a stated aim. This involves expanding the availability of eco-friendly products, including energy-efficient appliances and building materials. Furthermore, the plan aims to improve recycling systems for used goods, such as old appliances and furniture, and to encourage sustainable lifestyles through various incentives.

The "15th Five-Year Plan" sets the stage for a more consumption-driven economic model, seeking to improve citizens' living standards by fostering sustainable and technology-enabled consumption.