Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
Xia Jiechang, Research Fellow at the National Academy of Economic Strategy, Chinese Academy of Social Sciences
Consumption is the foundation of economic development. Since this year, various departments in various regions have been steadily promoting special promotions to promote consumption growth, and have been making efforts to expand the scope of trade-in consumer goods renewal, which has led to a steady release of consumption potential and further strengthening the main role of consumption in the country’s economic growth. In the first quarter, final consumption expenditures stimulated GDP growth by 2.8 percentage points, accounting for more than half of the total economic growth. In particular, service consumption has become a new highlight in China’s population consumption and a new impetus for the country’s economic growth.
Service consumption mainly includes consumer spending on intangible services, including health care, education and training, tourism and leisure, financial services, culture and entertainment, etc. It covers a wide range of fields and is not only an important support for improving people’s well-being, but also an important direction for optimizing and improving the consumption structure. Since this year, China has made concerted efforts on both the supply and demand sides to put forward a series of policies to promote service consumption. Through vigorous policy promotion, relevant economic entities have expanded the range of services offered and improved their quality, thereby laying a solid foundation for the growth of service consumption and better meeting people’s needs for customized and high-quality services.
In the process of expanding and upgrading service consumption, digital technologies are beginning to play an important supporting role. On the one hand, the analysis and processing, in-depth processing and specific application of huge amounts of information through digital technologies have served as an incentive for expanding the scale of service consumption, optimizing the structure of service consumption and improving the quality of consumer goods in the service sector. On the other hand, digital technologies have greatly contributed to the intensive development of new-type service consumption, effectively improving the consumer experience of the population.