China's top market regulator announced a three-year action plan on Monday to optimize the consumer environment starting next year. This initiative is part of broader efforts to stimulate domestic consumption and strengthen the country's economic growth.
The State Administration for Market Regulation revealed that the plan will include upgrading the complaint and report processing system, effectively addressing consumer pain points. Luo Wen, head of the administration, emphasized the goal of fostering a significant number of trustworthy brick-and-mortar stores, markets, online platforms, restaurants, and tourist attractions in the upcoming year.
In the first 11 months of 2024, China's retail sales of consumer goods reached nearly 44.3 trillion yuan (approximately $6.16 trillion), marking a 3.5% year-on-year increase. Additionally, online retail sales of consumer goods totaled around 14 trillion yuan, reflecting a growth of 7.4%, according to data from the National Bureau of Statistics.
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China to implement 3-year action plan to optimize consumer environment
cgtn.com
