China's retail sales will reach about 48 trillion yuan, or about 7 trillion US dollars, by 2020, with annual growth at 10 percent.That was the forecast Wednesday from the Chinese Commerce Ministry. 

The ministry says E-commerce will be the main driver for retail sales over the next four years.

The ministry also says consumption will contribute significantly more to China's economic growth during the period.

Retail sales hit a five-month low in October but officials say consumption growth remains stable. China has pledged to transform the country's economy into one more reliant on consumption than exports.