According to Reuters, the China Commerce Ministry predicts strong retail sales growth between 2021 and 2025.
Retail sales are expected to expand by an average of 5% each year in the 14th five-year plan period, from 2021 to 2025, and trade in goods is expected to grow by 2% per year.
Will look into establishing a pilot zone ‘to respond to trade frictions,’ as well as improving the ‘unreliable entity list’ mechanism.
The announcement did little to alleviate the risk-averse mindset, which was exacerbated by the coronavirus (COVID-19) problems. However, the USD/CNH continues under pressure at its highest levels since late April, which were reached the day before, reaching 6.4900 by press time./n
