China expects nationwide retail sales to top 50 trillion yuan (about US$6.96 trillion) in 2025, Minister of Commerce Wang Wentao said at a press conference in Beijing on Friday. Wang noted that retail sales of consumer goods have risen an average 5.5 percent a year during the first four years of the current Five-Year Plan, keeping China the world’s second-largest consumer market. The minister said government-backed trade-in programmes—aimed at replacing old cars and appliances—generated more than 2.9 trillion yuan in sales as of 30 June, with roughly 400 million people receiving subsidies. Over the same 2021-24 period, China imported 7.4 trillion yuan worth of consumer goods as domestic demand broadened. On investment flows, Wang disclosed that China has already absorbed more than US$700 billion in foreign direct investment since 2021, reaching the target set for the 14th Five-Year Plan six months ahead of schedule. Outbound investment grew at an average annual rate above 5 percent, keeping the country among the world’s top three investors. Turning to external risks, the commerce chief said China continues to face heightened US tariffs introduced in recent years, but argued that differences should be managed through dialogue and consultation. He added that Beijing aims to steer bilateral trade ties with Washington back to what he called a healthy and sustainable track.