China to make first domestic trade plan to boost consumption

17:11, March 11, 2011      

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A development plan for China's domestic trade during the 12th Five-Year Plan period (2011-2015) is being formulated and is anticipated to be published in late April, said Vice Minister of Commerce Jiang Zengwei.

Relevant authorities disclosed that, a draft for discussion has been finished for the domestic trade development plan. The overall goal is to achieve substantial progress on China's domestic trade development, continuous expansion of trade scale and new breakthrough in structural adjustments during the 12th Five-Year Plan period.

It is expected that the volume of retail sales will double that of 2010, and the actual annual growth rate will reach 12 percent by the end of the 12th Five-Year Plan period. The domestic trade plan mainly involves a variety of business and trade industries including wholesale, retailing, accommodation and catering industry as well as other service sectors.

It is worth mentioning that the domestic trade plan puts an unprecedented emphasis on consumption expansion. This is the first time China has formulated a plan for domestic trade development in its history, said Commerce Minister Chen Deming.

According to the plan, efforts will be made to further expand domestic consumption demand, vigorously promote consumption of residents in urban and rural areas, foster new consumption growth areas, accelerate circulation modernization, develop chain operations and speed up the development of e-commerce.

China will also support the development of circulation enterprises, encourage and guide enterprises to integrate industrial chains as well as improve service chains to realize cross-regional, cross-trade and cross-ownership merger and restructuring.

Meanwhile, the plan requires commercial banks to increase financial support to commercial and trading enterprises. It also requires them to support business zone financing, develop new financing approaches, such as accounts receivable, warehouse receipt and supply chain financing, as well as build a payment platform in response to the needs of the development of modern circulation approaches.

By Li Jia, People’s Daily Online

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