Such was what Lian Weiliang, deputy chairman of China’s nation’s top economic planning agency, told the China Reform Forum over the weekend, according to state-owned media outlet Xinhua News.
Lian cited the fact that China’s retail sales surpassed 40 trillion yuan (around $6 trillion) for the first time in 2019, an increase of over 42 percent from 2015. According to the US Census Bureau, the country’s retail sales totalled 6.2 trillion in 2019.
The news comes after China surpassed the US as the world’s largest fashion market in 2019. Moreover, new a Bain report predicts that China will become the world’s biggest luxury market by 2025.