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China 12th Five-Year Plan review: All major targets fulfilled

China’s Commerce Ministry says all the major economic targets set by the 12th Five-Year Plan have been fulfilled, despite the global downturn.

Commerce Minister Gao Hucheng said at a work conference on Dec 27 that consumption contributed to 60 percent of China’s economic growth in 2015. He said China’s online retail trade is estimated to be 4 trillion yuan, or $618 billion this year, ranking first in the world. Retail of consumer goods in 2015 is expected to be 30 trillion yuan, or $4.6 trillion.

Gao said export volume increased by 6.5 percent annually from 2011 to 2015, accounting for 13.2 percent of the world’s total in 2015, while annual growth during the same period for trade in service was 13.6 percent, ranking No 2 in the world.

According to the minister, China actually used a total of $620 billion of foreign direct investment from 2011 to 2015. That’s a 30 percent increase from the previous five years. During the same period, China’s Overseas Direct Investment saw a 14.2 percent annual growth, the third largest in the world.

Gao said that so far this year, China has signed 14 free trade agreements, invested in more than 50 overseas economic and trade cooperation zones and signed more than 3,000 overseas projects.