According to the Business Blue Book 2010 issued by the Chinese Academy of Social Sciences, in 2010, China's total retail sales of social consumer goods will maintain a growth of about 20% to reach over CNY15 trillion.
From 2003 to 2008, China's retail sales increased from CNY5 trillion to CNY10 trillion. The Blue Book predicts that the country will use only two years to realize the retail sales growth from CNY10 trillion to CNY15 trillion.
Statistics provided by the Ministry of Commerce of China show that in 2009, China's total retail sales were CNY12.53 trillion, a year-on-year increase of 15.5% and the actual increase was 16.9% after deducting price factors. The actual increase was reportedly the highest since 1986.
In addition, the automotive industry has become a pillar industry in China and in 2009, 13.6 million cars were sold in China. The Blue Book predicts that the Chinese automotive market will achieve sales of over 15 million cars in 2010 and the small- and medium-sized cities will become the major markets in subsequent years.
Though the market scale of the social consumer goods is increasing in China, the Blue Book points out that China's consumption rate is low and lingering around 60%, which is lower than the world's average of 70%. Since 1990, China's final consumption rate has been showing a trend of decline.
Jing Linbo, chief editor of the Blue Book, told local media that at present, China is facing an important transition period in its consumer society. Jing says China needs to solve three major problems: the consumption imbalance between urban and rural areas; the rationality of income and expenditures of the government; and the differences of consumption among consumers.