China to accelerate innovative development of retail industry

BEIJING - Chinese authorities have issued a guideline to accelerate the innovative development of the retail industry, aiming to establish a modern retail system and cultivate a number of globally competitive retail enterprises by 2030.

The guideline, released by multiple government departments including the Ministry of Commerce, outlines key tasks ranging from system planning for the industry's layout to encouraging new supplies and creating new consumer demand, aimed at boosting the innovative transformation and high-quality development of the retail sector.