Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
An important disclaimer is at the bottom of this article.
Source: People's Republic of China – State Council News
BEIJING, Oct. 8 (Xinhua) — China's recently unveiled measures to boost service consumption have attracted considerable attention, with officials and experts saying the package will optimize service supply, stimulate new demand, promote high-quality development, and improve people's well-being.
These measures, developed by nine government agencies, include 19 objectives across five areas. Vice Minister of Commerce Sheng Qiuping outlined the key areas of the measures: developing service consumption platforms, improving the quality of supply, stimulating new demand, and strengthening financial support.
According to the deputy head of the department, these measures combine improving living conditions with encouraging consumption and are aimed at raising people's living standards while simultaneously stimulating new demand. Examples include organizing high-profile sporting events, expanding long-term care insurance coverage, and supporting local childcare services to better meet people's daily needs.
Sheng Qiuping said these measures include expanding high-quality offerings in pilot cities to introduce new business models and scenarios, expanding offerings in the cultural, tourism, and sports sectors, and improving services in sectors such as entertainment, sports, and elderly and child care.
Regarding demand, the minister added that measures include strengthening credit support, conducting consumer campaigns and extending service hours to stimulate the desire and ability to spend money.
Measures will also be taken to expand market access in areas such as telecommunications, healthcare and education, as well as steps to simplify visa and payment procedures for foreigners in China and develop international markets for medical services and exhibition businesses, Sheng Qiuping said.
At the same time, restrictions will be lifted for sectors such as mid- to high-end healthcare and leisure, which will attract more private and foreign investment, thereby attracting high-quality resources to increase supply, stimulate market viability and improve efficiency.
Experts say measures such as allowing museums and cultural institutions to innovate in exhibition formats and use the revenue they generate to incentivise staff mark steps towards effective reform.
Zou Yunhan, a researcher at the State Information Center, noted that this move could help transform museums from traditional institutions focused on collecting and researching into comprehensive cultural and leisure centers, encouraging efforts to integrate resources, introduce innovative products, and improve visitor experience, as well as further unlocking their potential to provide the public with higher-quality cultural offerings.
The People's Bank of China (PBOC, the central bank) also strengthened support for service consumption. In May, it launched a 500 billion yuan (approximately $70 billion) refinancing program for service consumption and elderly care, allowing financial institutions to increase lending to sectors such as food service, culture, education, and tourism.
Together with the expanded refinancing program for technological innovation and equipment upgrades, these instruments help channel more loans to service-related projects, said Yang Hong, a spokesperson for the People's Bank of China.
In addition to monetary instruments, the Central Bank also called on financial institutions to introduce innovative products and expand lending for key consumption areas, including food, housing, travel, and entertainment, Yang Hong added.
By the end of July 2025, the volume of outstanding loans in major service consumption sectors nationwide reached 2.79 trillion yuan, up 5.3 percent from the previous year.
New measures aimed at expanding service consumption also include the mobilization of targeted bonds from the central budget and local governments to support the construction of cultural, tourism, elderly care, kindergartens and sports facilities, as well as the provision of interest subsidies to service providers in sectors closely related to people's daily lives.
Various financial support options, including interest subsidies and local government bonds, will help reduce business financing costs and consumer spending, said Fu Yifu, a researcher at Jiangsu Su Merchants Bank.
Observers note that as these measures take effect, service consumption is expected to gradually become the leading driver of domestic demand, playing an increasingly important role in improving people's well-being and supporting China's high-quality development. -0-
Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.