Yan Dong, Vice Minister of the Ministry of Commerce: By 2025, the total annual retail sales of consumer goods in the society will exceed 50 trillion yuan for the first time, reaching 50.1 trillion yuan, an increase of 3.7%.

Yan Dong, Vice Minister of Commerce, stated at a press conference of the State Council Information Office on the 26th that efforts to boost consumption have shown effectiveness. We insist on closely combining improving people's livelihoods and promoting consumption, driving with the "policy + activities" dual-wheel approach, creating the "Buy in China" brand, continuously releasing consumption vitality. The total retail sales of social consumer goods for the whole year for the first time exceeded 50 trillion yuan, reaching 50.1 trillion yuan, an increase of 3.7%. The contribution rate of consumption to economic growth reached 52%, an increase of 5 percentage points. In terms of commodity consumption, expanding the scope and improving quality, implementing the trade-in program for consumer goods resulted in sales of 2.61 trillion yuan for products such as cars, household appliances, and phones, benefiting 366 million people. In terms of service consumption, the action to improve the quality and benefit the people of service consumption increased by 5.5% for the whole year. The retail sales of services in areas such as culture and leisure, tourism consulting and rental, and transportation maintained double-digit growth. In terms of innovating consumption scenarios, we carried out pilot projects for creating an internationalized consumption environment and optimized the policy for tax refunds on goods purchased for overseas trips, resulting in nearly doubling the sales of goods eligible for tax refunds.