Chinese Ministry says retail sales expect 5% / year growth by 2021-25

BEIJING (Reuters) – China’s trade ministry said on Friday that it expects retail sales to grow by an average of 5% a year in five to five years, from 2021 to 2025, amid a push to expand China’s domestic demand. drive growth.

This compares with the average annual growth rate of about 10% established in the previous five-year plan period. Trade in goods is expected to grow by 2% a year, the ministry added in a statement released online.

The ministry also said it would look into establishing a pilot zone to “respond to trade frictions” and improve the “list of trusted entities” system. Agriculture and energy imports should be diversified and developed countries should relax China’s export controls without giving further details.

China has previously said it does not have the names of predefined companies on its “list of trusted entities,” but if foreign companies violate Chinese law or take “illegal actions,” they can add to that list and take action.

China and the United States have set tariffs on billions of dollars worth of goods in 2018 since the trade war, with the United States demanding that China undertake deep structural reforms to open its markets and buy more goods in the U.S.