In a pivotal year for the global economy, China's service consumption has emerged as a key driver of its economic growth and transformation. According to data from the National Bureau of Statistics (NBS), during the first half of 2024, the service industry's contribution to national economic growth surpassed 50 percent, highlighting its role as a cornerstone of the Chinese economy.
Total retail sales of consumer goods reached 23.6 trillion yuan ($3.3 trillion), marking a 3.7 percent year-on-year increase. Notably, retail sales in the service sector rose by 7.5 percent, outpacing goods by 4.3 percentage points. This surge underscores the rapid rebound of offline and contact-based consumption, providing robust support for the overall economic recovery.
As residents' incomes rise and consumption preferences evolve, there is a clear shift towards more personalized, diversified, and quality-driven services. Retail sales of communication equipment and sports and entertainment products saw significant growth of 11.3 percent and 11.2 percent respectively, reflecting consumers' pursuit of a high-quality lifestyle.
Emerging consumer goods like new energy vehicles and smart home appliances are also experiencing strong sales, signaling a demand for innovative and sustainable products. Additionally, the service sector has witnessed a resurgence in traditional industries such as catering, tourism, and cultural entertainment. During the Dragon Boat Festival holiday, domestic tourism surged with the number of tourists and their total expenditure increasing by 6.3 percent and 8.1 percent year-on-year, respectively. This trend not only highlights the resilience of the service sector but also its vast potential in driving future economic growth.
Reference(s):
Service consumption: a new engine for China's economic growth
cgtn.com
