Beijing aims to boost consumption growth by 5% in 2025, further unlock domestic demand potential, expand the consumption market, and enhance its quality, city authorities announced at a recent commerce work conference. 

Specifically, the annual growth target for retail sales of consumer goods, wholesale and retail product sales volume, and dining industry revenue is set at 5% each, according to Piao Xuedong, director general of the Beijing Municipal Commerce Bureau. The Chinese capital is also striving to maintain stability in import and export of goods, increase trade in services by 5%, and utilize US$13 billion of foreign investment.

In 2025, Beijing plans to complete the renovation of 12 traditional commercial areas, and open up 1 million square meters of commercial space. It also aims to develop more than 30 food streets.

Beijing is also drafting its third-phase plan for further opening up the service sector. The city has designated Shougang Park as the venue for the annual China International Fair for Trade in Services starting this September.

In 2024, Beijing introduced trade-in policies for home appliances, automobiles, and electric bicycles, achieving a total sales volume of 34.6 billion yuan (US$4.98 billion). It also rolled out measures to support livestreaming and e-commerce development, recognized 13 municipal livestreaming e-commerce bases, and launched 10 cross-border e-commerce experience shops. Additionally, it has enabled foreign bank card transactions at about 15,000 key business entities. 

Last year, the city renovated 15 commercial areas and hosted 36% more large-scale business exhibitions year on year. The investment climate also improved, allowing foreign companies to complete business registration entirely online. The city now boasts over 260 multinational headquarters and 40 foreign-invested R&D centers.

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