On October 25, a representative from the Ministry of Commerce discussed the development of the wholesale and retail sectors in China for the period from January to September 2024.

The overall performance of these sectors has been encouraging this year, with a significant acceleration in the construction of a modern commercial circulation system. This progress supports the smooth functioning of the national economy and contributes to the establishment of a new development framework. According to data from the National Bureau of Statistics, the value added of wholesale and retail reached 9.4 trillion yuan during this time, representing a year-on-year growth of 5.4% and accounting for 9.87% of the GDP.

The retail and wholesale markets have shown stable performance, with most business formats experiencing growth. In wholesale, the Ministry of Commerce reported that the transaction volume of key monitored goods increased by 6.8% year-on-year from January to September. Specifically, sales in the production materials sector and industrial consumer goods increased by 12.5% and 7.5%, respectively. On the retail side, the total retail sales of consumer goods reached 31.4 trillion yuan, marking a 3.0% year-on-year increase. Retail outlets classified under above-limit enterprises, including convenience stores, specialty shops, and supermarkets, also saw growth, with year-on-year increases of 4.7%, 4.0%, and 2.4%, respectively.

The vitality of urban and rural markets remains robust, with consumer traffic steadily rising. In urban commercial areas, foot traffic has grown at an encouraging rate, with a 14.5% increase year-on-year reported in 50 monitored pedestrian streets and shopping districts by the Ministry of Commerce. Additionally, the construction of convenient living circles is continuously advancing. The Ministry has announced a fourth batch of pilot regions for the “15-minute convenient living circle” initiative, expanding the total number of pilot areas nationwide to 210, with the first batch of 15 comprehensive pilot zones underway. In rural areas, retail sales of consumer goods reached 4.8 trillion yuan during the same period, reflecting a year-on-year increase of 4.4%, which is 1.2 percentage points higher than that of urban areas. Rural e-commerce is thriving, with national data indicating an 8.3% year-on-year growth in rural online retail sales, while online sales of agricultural products soared by 18.3%.

The trade-in program for upgrading appliances has gained momentum, with domestic brands experiencing a surge in popularity. The promotion of household appliance recycling has seen significant success. The nationwide data platform reports that over 20 million applications and more than 10 million purchases have been made under this initiative. From January to September, retail sales of household appliances and audiovisual equipment in above-limit enterprises increased by 4.4%, with a notable expansion compared to last year, and a substantial month-on-month increase in September of 20.5%. Traditional brands are also thriving in the marketplace. The 2024 “Time-Honored Brands Carnival” continues to gather momentum, with 301 specialized events held, driving online and offline sales to 16.73 billion yuan. From January to September, over 57,000 shops selling time-honored Chinese brands appeared on major e-commerce platforms, generating sales of 63.05 billion yuan, surpassing the total for the entire year of 2023.