By People’s Daily reporters
In today’s global economy, the market has become a scarce and strategic resource. For China, a robust domestic market serves as a strategic pillar of its modernization drive.
Advancing the development of a unified national market and maximizing the strengths of China’s enormous market are key priorities in China’s recommendations for formulating the 15th Five-Year Plan. Strategic objectives have been established to cultivate a resilient and dynamic domestic market.
Smart industrial robots are manufactured in a robot company in Wuhu, east China’s Anhui province. (Photo/Xiao Benxiang)
In practice, China’s super-sized market demonstrates three defining features: its leading role, stability, and growth potential. These qualities provide a clear framework for further leveraging the advantages of such a large market.
A market with a leading global role
China’s vast consumer demand fuels innovation and creativity, while its high-quality supply capabilities shape the trends of the times. The scale and depth of its market — marked by diverse application scenarios, efficient industrial collaboration, and a supportive innovation ecosystem — continue to attract global innovation resources, amplifying its capacity for technological breakthroughs and international impact.
Express parcels are sorted at a logistics center of a express delivery company in Nanjing, east China’s Jiangsu province. (Photo/Dongfang Xu)
Innovative developments in areas such as autonomous driving and the sharing economy illustrate how consumption growth is increasingly driven by innovation. In the first three quarters of this year, China registered 19.922 million new consumer goods registered via barcodes, an increase of 31.4 percent year on year, demonstrating sustained consumption momentum.
As new sectors such as the low-altitude economy and embodied intelligence gain traction, China is accelerating the integration of scientific and technological innovation with industrial innovation. This synergy is cultivating fertile ground for frontier technologies and future industries, making China an increasingly attractive hub for global science and innovation capital.
Saadia Zahidi, managing director of the World Economic Forum, said that China’s expansive market, open and inclusive investment environment, and stable policy outlook make it a compelling destination for global enterprises.
Over the past five years, China’s photovoltaic industry has significantly reduced global application costs; annual exports of new-energy vehicles have surpassed two million units for the first time; and the country’s advancements in smart manufacturing have captured global recognition. Additionally, livestream e-commerce originating in China has inspired widespread global adoption. When a technology gains momentum in the Chinese market, it benefits from the scale, infrastructure, and innovation ecosystem necessary for rapid expansion and global influence, underscoring the Chinese market’s leading role as a global trendsetter.
A market marked by stability
Market size underpins strategic composure, while institutional advantages enhance governance efficiency.
This year, China produced nearly 30 new energy vehicles, handled more than 370,000 express parcels and exported over 30 million yuan worth ($4.22 million) of mechanical and electrical products per minute on average. These remarkable achievements highlight the dynamism and resilience of the Chinese market.
Retail sales of consumer goods in China grew 5.5 percent on average annually over the past four years; automobile production and sales have remained the highest in the world; the country has achieved the $700 billion investment attraction target six months ahead of schedule; and its economic output has surpassed 130 trillion yuan. These results during the 14th Five-Year Plan period (2021-2025) speak to the strength of China’s market.
A major economy’s advantage lies in its capacity for robust internal circulation. China boasts the world’s most complete and largest industrial system, supported by a population of more than 1.4 billion, including 250 million people with higher education. The nation is undergoing rapid industrialization, informatization, urbanization, and agricultural modernization. This combination ensures both strong supply-side capabilities and substantial domestic demand.
The stability of China’s market is underpinned by stable expectations, a diverse set of macroeconomic regulations, and long-term strategic planning. Under the socialist market economy, China effectively merges the efficiencies of a market-driven system with the coordination capacity of a capable government. This synergy ensures that the super-sized market remains vibrant, resilient, and well-regulated.
A market with significant growth potential
Demographic shifts are expanding the space for development, while comprehensive reform and opening up continue to unlock new economic dividends.
China is transitioning from a middle-income country toward a high-income one, with the goal of becoming a moderately developed country. In the next decade and beyond, its middle-income population is expected to exceed 800 million. Areas of unbalanced or insufficient development represent untapped investment potential, while rising demand for a better quality of life is creating new consumption growth points.
The Chinese market’s growth potential is closely tied to deepening reform. China is continuously shortening its negative list for market access, abolishing regulatory barriers that hinder the formation of a unified national market and fair competition, and ensuring that new policies align with broader macroeconomic objectives.
By accelerating the development of a unified national market and fostering a first-class business environment that is market-oriented, law-based, and internationalized, China is enabling the efficient flow of production factors and unlocking broad-based creativity and market vitality.
As Joe Ngai, chairman of McKinsey & Company in Greater China, put it, “China’s vast market and innovative capabilities are difficult to replicate elsewhere.”
With a focus on institutional opening up, leveraging the strength of its large market to drive internal economic circulation, and focusing on effective domestic governance, China will continue to inject sustained dynamism into the global economy. Its ongoing development will continue to generate new opportunities worldwide.
