As the "main engine" of economic growth, consumption plays a pivotal role in driving China's high-quality development as the country embarks on the 15th Five-Year Plan period, which covers next year through 2030.

The parallel session on "Revitalising Consumption: Global Sharing of China's Market Opportunities" of the Eighth Hongqiao International Economic Forum (HQF) will be held in Hall 4.2 of the National Exhibition and Convention Center (Shanghai) on the afternoon of November 6, 2025. The event will bring together global political, business and academic leaders to discuss how the dual drivers of "policy innovation" and "open sharing" can unlock new consumption potential and transform China's vast market potential into a more vibrant contributor to global economic growth.

During the 14th Five-Year Plan period, China's domestic market advantages became more prominent and the role of consumption as the economy's main engine and stabilizer was strengthened, with consumption contributing about 60% to national economic growth. Amid deep global economic restructuring, China's vast market and institutional opening-up strategy have provided rare stability to the world economy. The country's average contribution to global growth remains around 30% a year, making it the most stable and reliable source of momentum for worldwide economic development.

A series of policy initiatives, such as the issuance of ultra-long-term special treasury bonds and a consumer goods trade-in program, are effectively boosting consumption. New consumption formats, models, and scenarios continue to emerge, strengthening market vitality and consolidating China's position as the world's second-largest consumer market. Total retail sales of consumer goods rose to CNY48.3 trillion last year from CNY39.1 trillion in 2020, an average annual increase of 5.5%, and are expected to surpass CNY50 trillion this year.

Looking ahead to the 15th Five-Year Plan, China will go on advancing a consumption-led growth agenda amid global uncertainties. The country will further enhance its consumption-led growth model by introducing timely and targeted measures, stimulating commodity consumption, unlocking the potential of service consumption, and amplifying the effects of new consumption drivers. Through these efforts, the country aims to expand domestic demand, strengthen the domestic economic cycle, and sustain its important contribution to global growth.

The parallel session will engage international thought leaders in a deep discussion of key issues. Which policy barriers must be addressed to further unleash consumption potential during the 15th Five-Year Plan period? How will scientific and technological innovation impact economic policy and sustainable growth? As an emerging driver of China's economy during the 15th Five-Year Plan period, how can service consumption develop faster? How can consumption link up the world in a mutually beneficial cycle of shares growth?

The parallel session is hosted by the Ministry of Commerce of the People’s Republic of China and organized by Yicai Media Group.