(Yicai Global) Oct. 27 -- China, a major player in the beauty industry, has laid out a development plan for the sector which will see its annual output value climb to CNY1 trillion (USD151.5 billion) by 2020.

The nation is currently the world's largest producer of beauty products and the second largest cosmetics consumer. It has more than two million beauty organizations and more than 20 million people employed in the industry, which currently outputs CNY600 billion (USD90.9 billion) worth of goods a year, with CNY300 billion) coming from the manufacturing sector.

The development plan, compiled by the National Development and Reform Commission's Industrial Economy and Technological Economy Research Institute and Guoyan Beauty Enterprise Management Center, hopes for the number of employees in China's beauty industry to reach 30 million by 2020, and for there to be over 100 listed firms, more than 10 industry parks and leading companies pulling in CNY50 billion in sales each year.

The beauty industry is one that relies on the private economy, the plan's creators said. After concluding the strategy's design, the two will work with industrial organizations and large companies to implement the plan in specialized fields across the country under government guidance.