Translation. Region: Russian Federation –
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
What economic impact can one sporting event provide?
The recently concluded Jiangsu Super League (Su Chao), which attracted a total of 2.433 million spectators to the stadiums, provided the answer to this question. Even more telling, every yuan spent on a ticket "attracted" 7.3 yuan in additional spending.
Liu Fang, a research fellow at the Institute of Markets and Prices at the China Academy of Macroeconomic Research, stated that the advantage of China's super-large market lies not only in the enormous demand for goods from a population of over 1.4 billion people, but also in the massive, diverse, and multifaceted demand for services. High-quality development of the service sector will allow for a more direct and profound tap into the potential of domestic demand.
Data show that from 2013 to 2024, the share of services expenditure in total per capita consumer expenditure increased from 39.7% to 46.1%. In the first three quarters of 2025, this figure reached 46.8%.
Looking to the future, the proposals for the 15th Five-Year Program outlined the goal of "promoting high-quality and effective development of the service sector." This will help unlock the enormous potential and stimulate activity in the consumer services market, as well as better guarantee and improve the well-being of the population.
How can we promote high-quality and efficient development in the service sector? Expanding transparency is an important measure.
For many years, China has been steadily expanding its service sector opening. Pilot projects to open up sectors such as telecommunications and healthcare have not only contributed to the sustained and rapid growth of services trade but also effectively stimulated the country's market activity.
Today, the service sector has become the largest source of foreign investment in China. From January to September 2025, the actual volume of foreign capital utilized in the country reached 573.75 billion yuan. Of this, the service sector accounted for 410.93 billion yuan, or over 70%.
The opening up of the service sector has not only turned the Chinese market into a magnet for global high-quality service resources, but also had a significant positive impact on the world market.
On the one hand, by continually reducing its negative list for foreign investment, China has created unprecedented development opportunities for global service providers. On the other hand, China's advantages in areas such as digital trade, cross-border e-commerce, and artificial intelligence are contributing Chinese wisdom to the development of global services trade rules.
Looking ahead to the 15th Five-Year Plan period, as China's service sector deepens its opening-up, a more open, efficient, and high-quality service consumption system will not only stimulate domestic demand but also open up new opportunities for the world, bringing greater stability and certainty to the development of global services trade.
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.