Key Areas Outlined to Promote Consumption in 2022

China’s domestic consumption gradually recovered throughout 2021, with retail sales of consumer goods totaling RMB 44.1 trillion and the final consumption spending contributing 65.4 percent to its economic growth.

Consumption has once again become the primary driver of China’s economic growth. Going forward, the Ministry of Commerce will focus on the following areas:

Traditional consumption will be further upgraded. Reforms will be deepened in the automobile industry to facilitate trade in second-hand cars and new energy vehicles. Meanwhile, there will be more subsidies for trading in old home appliances for new ones.

New types of consumption will be boosted. China will promote the development of smart, customized, and fashionable consumption. It will also make better use of platforms such as import expos to bring home more quality consumer goods. Meanwhile, a simple low-carbon lifestyle will be promoted.

In terms of urban consumption, it will accelerate the building of international consumer centers, smart business districts, and pedestrian-friendly streets among others.