
Service Consumption Fuels China’s Economic Transformation in 2024
Service consumption has become a major driver of China’s economic growth in 2024, contributing over 50% to GDP and fueling retail sales and higher quality consumer demand.
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Service consumption has become a major driver of China’s economic growth in 2024, contributing over 50% to GDP and fueling retail sales and higher quality consumer demand.
China’s economy continues to recover with robust industrial output and rising retail sales in April, signaling resilience and growth.
China’s economy grew by 5.2% in 2023, driven by consumption, exports, and investment. Retail sales hit $6.63 trillion, with consumer spending playing a key role.
China’s retail sales of consumer goods grew by 8.2% year-on-year in H1 2023, highlighting consumption as a key driver of economic growth.