Tashkent, Uzbekistan (UzDaily.com) -- Over the past five years, China’s domestic trade turnover has rapidly increased, playing an important role in managing production, expanding consumption, flourishing the market and ensuring the well-being of the population, as well as increasing employment. This is evidenced by data on the state of domestic trade in China during the "13th Five-Year Plan", published on 29 December by the Ministry of Commerce of the PRC.

Statistics show that from 2016 to 2019, final consumption spending contributed more than 55% of China’s GDP growth. Consumption has been a key driver of the country’s economic growth for 6 consecutive years. In 2019, the main sectors of the sphere of circulation paid taxes in the amount of 2.5 trillion yuan, which amounted to almost one sixth of the country’s total tax revenues.

The sphere of circulation has already become the area with the largest number of market entities and employed workers. According to the data, in 2019, about 82 million different market entities operate in the sphere of circulation, which amounted to almost 70% of all market entities. More than 220 million people were employed in this area, which was more than 30% of the total employed population. The sphere of circulation has also become one of the main channels for providing employment.

During the 13th Five-Year Plan period, China is actively developing innovative activities in the field of circulation, private business accelerates transformation, the online economy is deeply integrated with the offline economy, new technologies, new business formats and models are constantly emerging, thanks to which China remains the world leader in online retail sales. Online retail sales in the country grew from 3.88 trillion yuan in 2015 to 10.63 trillion yuan in 2019, an increase of 174%, according to data from the Ministry of Commerce. The share of online retail sales of physical goods in total retail sales of consumer goods increased from 10.8% to 20.7%.

The creation on a global scale of the structure of enterprises engaged in the sphere of commodity circulation is accelerating. In 2019, China’s total cross-border e-commerce with 22 partner countries grew 87.9% year-over-year. At present, the number of foreign warehouses of large enterprises focused on commodity circulation exceeds 1000.