China has rolled out a new plan to cultivate three trillion-yuan consumer markets by 2027, stepping up efforts to revitalize domestic demand as economic growth faces headwinds, reports Caixin. The Ministry of Industry and Information Technology, the National Development and Reform Commission, and four other government bodies issued the implementation guidelines on Tuesday. The directive aims to establish three consumption sectors worth RMB 1 trillion ($141 billion) each and 10 hotspots worth RMB 100 billion each by 2027.
By 2030, the government expects to establish a mature cycle where supply and demand mutually reinforce high-quality development, steadily increasing consumption’s contribution to economic growth.
The guidelines identify 10 priority categories for supply expansion, aiming to better match products with evolving consumer needs. Officials are pushing for an upgrade in eco-friendly goods, encouraging the adoption of new-energy vehicles, energy-efficient appliances, and green building materials. The plan also targets rural markets, advocating for the development of energy-saving kitchen and bathroom fixtures tailored to rural environments while organizing promotional tours for autos and smart home goods in the countryside.