CHINA’S retail sales will grow about 10 percent annually from 2016-2020 to reach 48 trillion yuan (US$7.18 trillion) by 2020, the commerce ministry said Tuesday.

    The growth rate would be considerably slower than the 13.9 percent annual growth rate seen during the five years through 2015. Retail sales rose 10.7 percent in 2015.

    China’s economy faces downward pressure, with falling corporate profits impacting individuals’ income growth, hurting consumption. Inadequate supply of mid- and high-end goods also puts a damper on spending, the Ministry of Commerce said in a statement discussing the government’s five-year plan for commerce.

    By 2020, China’s service trade volume will exceed US$1 trillion, the ministry said.(SD-Agencies)