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Suzhou releases five-year plan to develop commerce

Suzhou Bureau of Commerce | Updated:2021-12-27 14:33

An aerial view of Suzhou. [Photo/jschina.com.cn]

Suzhou recently released a development plan for the commerce industry in the 14th Five-Year Plan (2021-25) period.

The city's commerce industry has seen rapid development over the past five years, and in 2020, the total retail sales of consumer goods in Suzhou were valued at 770.2 billion yuan ($120.93 billion), an increase of 40.32 percent over 2015. The city's consumption scale ranked first in East China's Jiangsu province.

The plan proposes that during the 14th Five-Year Plan (2021-25) period, the development of Suzhou's commerce industry has been positioned to foster the creation of an international consumption center, a domestic commerce and trade circulation demonstration zone, a Yangtze River Delta commerce linkage zone, and a leading zone for the balanced development of global commerce.

By 2025, Suzhou plans to build more than 150 convenient 15-minutes living circles and 1,000 first stores above the municipal level.

In 2025, the city's total retail sales of consumer goods is expected to reach 1 trillion yuan, with an average annual growth rate of about 6 percent. Retail sales in the wholesale and retail industries are expected to be 920 billion yuan, and in the accommodation and catering industries they are expected to be 80 billion yuan.

In addition, Suzhou expects to see significant improvement in the formation of a national trade net, the digital transformation of the commerce and trade industry and the influence of its brands.