Bai Chong-en, dean of the School of Economics and Management at Tsinghua University, has highlighted a pivotal shift in the Chinese mainland's economic strategy. Emphasizing the importance of the services sector, Bai argues that future household consumption growth will largely stem from services industries.
“Future household consumption growth is likely to come largely from the services industries,” Bai stated, underscoring the necessity for the Chinese mainland to prioritize making its services sectors better, stronger, and larger.
While acknowledging the critical role of manufacturing, Bai pointed out that the Chinese mainland should avoid over-reliance on investment in this area. Instead, the focus should be on enhancing the quality and capacity of services industries to drive sustainable economic growth.
This strategic shift aims to balance the economic landscape, ensuring that the Chinese mainland remains resilient and adaptable in a rapidly evolving global market. By fostering a robust services sector, the Chinese mainland can better meet the diverse needs of its population and sustain long-term prosperity.
Reference(s):
Bai Chong-en: China needs to make services better, stronger & bigger
cgtn.com
