Chinese authorities have released a guideline to accelerate innovation in the retail sector. The goal is to build a modern retail system and foster globally competitive enterprises by 2030.
The plan was issued jointly by nine government departments including the Ministry of Commerce. It outlines measures to optimize the retail industry's development, encourage new products and business models, and stimulate consumer demand.
The initiative seeks to improve retail supply and support the growth of major retail companies. It also includes stronger antitrust reviews, tighter oversight of pricing practices, and crackdowns on false advertising.
Policymakers pledged support through financing, tax policies, land-use measures, and streamlined administrative approvals. The plan aims to cultivate new retail formats as part of efforts to boost domestic consumption.