China to overtake US as world’s largest consumer market ‘very soon’

China’s consumer goods market is rapidly catching up with the US and is poised to become the world’s largest in the near future, according to a top Chinese economic planning agency official.

“China’s retail sales for the first time surpassed 40 trillion yuan in 2019, an increase of more than 42 percent from 2015. It will overtake the United States to become the top consumer goods market very soon,” deputy chief of the National Development and Reform Commission, Lian Weiliang, said at the China Reform Forum, as quoted by Chinese media.

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