China to boost home trade market in next 5 yrs

China plans to double its domestic commerce indicator in the next five years, said Yao Jian, spokesman for the Ministry of Commerce, at a news conference on Tuesday, the Shanghai Securities News reported.

According to the plan, the nation's total sales volume of consumer goods, producer goods, wholesale, retail, lodging and the catering are projected to double their 2010 figure by 2015.

The new plan will emphasize people's consumption increases in urban and rural areas, and new consumption growth industries will be well fostered.

The ministry will also encourage modernization of distribution sectors and development of the electronic business, it said.

The 12th-Five-Year Plan (2011-2015) for domestic commerce is likely to be issued in April, according to Yao.

Meanwhile, the spokesman pledged to provide a better operation and retail environment for foreign enterprises, the Beijing News reported. He also called for foreign brands to set reasonable prices for their products in China.

According to data from the Ministry of Commerce, prices for 20 high-end products in five categories (watch, costume, wine, bag and electronic device) was 51 percent higher than in the US market, and 72 percent higher than in the French market.

Commerce Minister Chen Deming said last week that China should foster some domestic high-end brands, set up a comprehensive transportation system and find a new retail sales model in order to force foreign brands to lower their prices, it said.

In addition, the ministry will enhance the supervision of overseas capital flowing into China's real estate market, the report said. Nearly $4.2 billion in foreign investment was introduced to the real estate market in the first two months of this year, up 50.5 percent year-on-year, Yao said.