Chi Fulin: China will become the world's largest consumer market for goods

Chi Fulin: China will become the world's largest consumer market for goods

Haikou, May 8 (China News Service) -- On May 8, at the 2021 China New Consumption Development Forum held in Haikou, Chi Fulin, president of the China (Hainan) Reform and Development Research Institute, pointed out that during the "14th Five-Year Plan" period, China will become the world's largest commodity consumption market.

Chi Fulin said that the release of China's consumption potential and the opening up of the market will become a major positive for world economic growth. It is estimated that in the next 5-10 years, China's contribution rate to global economic growth is still expected to remain at 25%-30%, and it is still the "main engine" driving global economic growth. The large consumer market of 1.4 billion people is "the market of the world, the market of sharing, and the market of everyone".

Chi Fulin said that in 2019, the per capita consumption expenditure of Chinese residents exceeded 20,000 yuan for the first time .00 million yuan (RMB, the same below). It is estimated that by 2025, the per capita consumption expenditure of Chinese residents is expected to be close to 30,000 yuan.

From 2012 to 2019, the total retail sales of consumer goods in China increased from 21 trillion yuan to 40 trillion yuan, an average annual growth rate of 10.94%.

Chi Fulin said that the epidemic has not changed the trend of consumption upgrading, the total retail sales of social consumer goods in 2020 fell by 3.93% year-on-year compared with 2019, and from January to February 2021, the total retail sales of social consumer goods increased by 33.8% year-on-year, and it is expected that the growth rate of total retail sales of social consumer goods by the end of this year may return to the speed before 2020.

"It is estimated that the total retail sales of social consumer goods are expected to reach 55 trillion yuan - 60 trillion yuan in 2025, and the total retail sales of social consumer goods in China are expected to maintain an average annual growth rate of about 9.5% in the next five years." Chi Fulin said that during the "14th Five-Year Plan" period, China will become the world's largest consumer market for goods.

He also believes that China will become the world's largest service market and a new market for service-oriented consumption, and the world's largest service trade country.

"China will become the world's largest service-oriented consumer market." Chi Fulin pointed out that in the next 5-15 years, the improvement of China's 1.4 billion people's service-oriented consumption will have an important impact on the global market, by 2035, China's new service consumption scale will accumulate nearly 70 trillion US dollars, and in the future, with the changes in the consumption structure of residents, the opening of China's service market and the improvement of service-oriented consumption are the general trend.

"From 2010 to 2019, the average annual growth rate of service trade was 8.7%, considering factors such as the growth space of China's service-oriented consumption and the open space of the service market, it is conditional to achieve an average annual growth rate of about 8% in the future." Chi Fulin predicts that by 2035, China's service trade is expected to reach 2.7 trillion US dollars, becoming the world's largest service trade country, accounting for 12% of global service trade. (End)

Source: China News Network