On the afternoon of March 6, an economic-themed press conference was held during the Fourth Session of the 14th National People's Congress. When responding to questions, Minister of Commerce Wang Wentao outlined the underlying logic and evolutionary path of China's massive market using three key sets of data.

First, the scale is sufficiently large—transitioning from "leading in volume" to "first in substance." During the 14th Five-Year Plan period, China's total retail sales of consumer goods successively surpassed the 40 trillion yuan and 50 trillion yuan thresholds. Minister Wang pointed out that, when converted using purchasing power parity, China's consumer market is already the largest in the world. Behind these figures lies an indisputable fact: the fundamental role of consumption in China's economy continues to strengthen. This will support a more balanced and resilient Chinese economy.

Second, the quality is sufficiently high—evolving from "demographic dividend" to "consumption quality transformation." During the 14th Five-Year Plan period, China's per capita GDP increased from over $10,000 to more than $13,000, and household consumption is undergoing a structural upgrade. Goods consumption is becoming newer and better: the market penetration rate of new energy passenger vehicles rose from 5.7% in 2020 to 53.9% in 2025, with green and smart products rapidly entering households. Service consumption is growing robustly: from 2022 to 2025, China's service retail sales grew at an average annual rate of 10.4%. People are increasingly willing to pay for new experiences, hobbies, and physical and mental well-being. This represents not only a release of consumption capacity but also an upgrade in lifestyle. The recent Spring Festival served as an indicator: the growth rate of offline physical consumption surpassed that of online consumption for the first time in recent years. Tax-free sales for departing travelers in Beijing, Shanghai, and Zhejiang increased by 94.3%, 150%, and 340% respectively, while nearly 600 million domestic trips were driven by "holiday-style celebrations." These statistics reveal a deeper shift: China's "massive market" is no longer just a function of its large population but a "quality-driven expansion" characterized by rising consumption tiers and accelerating scenario innovation.

Third, the opportunities are sufficiently abundant—transitioning from the "world's factory" to the "world's market." In 2025, China's total goods imports and exports exceeded 45 trillion yuan, marking the ninth consecutive year of growth. Service imports and exports surpassed 8 trillion yuan, maintaining a leading global scale. Foreign businesses are also redefining the Chinese market. Minister Wang noted, "Many foreign companies now view the Chinese market as a 'gym' and a 'testing ground.' Our massive market and diverse scenarios make it an ideal environment for innovation and R&D." This signifies China's shift from a "low-cost manufacturing base" to a "high-value innovation testing ground." The Chinese market is releasing new dividends of institutional openness to the world.

These three sets of data—scale, quality, and opportunity—collectively paint a complete picture of China's massive market. "Some countries treat the market as a weapon or a bargaining chip, practicing protectionism," Minister Wang stated. "As a responsible major country, China proactively opens its massive market, viewing it as an opportunity and a platform for cooperation." He added, "If the West dims, the East shines; if the North fades, the South remains. Through countless trials, we stand firm, unswayed by winds from any direction." This serves as both a strong response to external concerns and a sincere invitation for the world to share in China's opportunities. In an era of uncertainty, China is adopting a determined stance of openness, positioning its massive market as a stabilizing anchor for global economic growth.