Chinese authorities have rolled out a new package of measures to augment service consumption, as part of broader efforts to spur domestic demand and unleash consumption potential.
China's consumer market has continued to expand, with its structure constantly optimizing, said Vice Minister of Commerce Sheng Qiuping at a press conference held by China's State Council Information Office (SCIO) on Wednesday.
Sheng mentioned that service consumption is a major driving force in the growth of China's consumer market. For example, concerts and music festivals have gained widespread popularity, while community-based sports events like "Village BA" and "Su Super League" have gone viral.
However, he also pointed out that the quality of supply in the service consumption sector still needs improvement, so there is a need to further strengthen policy coordination to address these issues.
Launch pilot city program
China's Commerce Ministry will select around 50 cities with large populations, strong catalytic effects, and high growth potential as pilot zones for new forms, models, and scenarios of consumption, said Kong Dejun, director of the Department of Trade in Services and Commercial Services at the ministry. The aim is to increase the supply of high-quality services and innovate diverse consumption scenarios.
Enhance financial support
Yang Hong, head of the Credit Market Department of the People's Bank of China, emphasized that the central bank will actively support eligible financial institutions in issuing financial bonds and credit asset-backed securities. This initiative is designed to broaden funding channels and enhance the capacity for consumer credit.
Expand inbound tourism
China will continue to improve the convenience of inbound tourism services and enrich tourism products tailored for international visitors, said Miao Muyang, director of the Industrial Development Department at the Ministry of Culture and Tourism. Additionally, he highlighted the implementation of tax refund policies for overseas tourists, promoting the establishment of more tax refund shops in areas with high concentrations of international visitors to streamline the shopping experience.