China is set to accelerate the development of consumer services as a cornerstone for high-quality economic growth, aiming to meet the evolving demands of its population for personalized and diverse services. A recently released guideline by the State Council outlines 20 key initiatives targeting sectors such as hospitality, domestic services, elderly care, childcare, entertainment, tourism, sports, education, and training.
The comprehensive plan emphasizes the cultivation of new consumption avenues, including digital, green, and health services. By creating innovative consumption scenarios and relaxing market access, China seeks to foster a more dynamic and resilient service sector. Strengthening regulation and enhancing policy support are also pivotal components of the strategy, ensuring sustainable growth and quality improvement.
Furthermore, China will continue to open up critical sectors like telecommunications, education, elderly care, and medical care. The implementation of opening-up measures in technology services and tourism will be prioritized, alongside optimizing entry policies and improving consumption environments. Efforts to accelerate flight resumptions, diversify payment services, and explore visa-free entry for more countries are also on the agenda.
Highlighting the effectiveness of these measures, official data reveals that in the first half of the year, China's retail sales of services surged by 7.5 percent compared to the previous year, outpacing goods sales by 4.3 percentage points. This robust growth underscores the pivotal role of service consumption in expanding and upgrading domestic demand, positioning it as a major driver for China’s economic trajectory in the latter half of 2024.
Reference(s):
China moves to advance high-quality development of service consumption
cgtn.com
