China Targets Accelerated Innovative Development of Retail Industry

The Chinese government has issued guidelines to accelerate the innovative development of the retail industry, with the goal of establishing a modern retail system and fostering a number of globally competitive retail enterprises by 2030. The guidelines, released by several government departments including the Ministry of Commerce, outline key tasks. These tasks include planning the system for the industrial layout and encouraging new supply to create new consumer demand. The measures are intended to drive the innovative transformation and high-quality development of the retail sector.