China makes strengthening consumption a key priority

China is looking to boost consumption growth, focusing on the further expansion and optimization of industries, according to a press conference held by the State Council Information Office in Beijing on Monday. 

Service consumption's share in China's overall consumption has grown over the years, said Li Chunlin, vice chairman of the National Development and Reform Commission, adding that new market spaces have also expanded.

Retail sales in the first two months of 2025 have maintained growth, stated Li, growing 4 percent year on year in the first two months of 2025. 

Sales of consumer goods are a major indicator of a country's consumption strength. In January and February alone, total retail sales of consumer goods in China exceeded 8.37 trillion yuan ($1.17 trillion).

In particular, retail sales of consumer goods excluding automobiles reached over 7.68 trillion yuan, registering year-on-year growth of 4.8 percent, according to the National Bureau of Statistics.

Li noted that previous policies had focused on the supply side, and now the country is stepping up its efforts on the demand side with a series of measures, including improving income levels.

To watch the press conference in full, click here.