China’s retail market remains on track to achieving an annual average retail sales growth of 14 per cent until 2015.

Due to weaker household incomes and a crackdown on gift giving, retail sales in the country are likely to decline from 15.7 per cent growth rate over the previous two years to 13 per cent by the year-end, says commerce minister Gao Hucheng.

“The economy will maintain steady growth, income distribution, social security systems and the long-term mechanism for expanding consumption will improve, which will help unleash the huge potential of China’s consumption,” he said.

Hucheng said China retail sales is expected to hit 50 trillion yuan ($8.22 trillion) by 2020.