China accelerates consumption-driven growth model

The plan aims to improve the quality of service consumption

The special action plan introduces an action to improve the service consumption quality, covering:

- Optimizing elderly care and childcare services.

- Promoting daily-life services, cultural, sports and tourism services, ice-and-snow related consumption.

- Expanding service industry openness.

Wang Chengfang, president of Anhui provincial domestic service industry promotion association:

The plan encourages the development of community-embedded care and employer-sponsored childcare-integrated services. These will bring real benefits for the elderly and children, and enterprises will also usher in policy support and increase cooperation opportunities with government departments and communities.

Moreover, Community-embedded elderly care allows domestic practitioners to expand their domestic services through service modes such as medical escort, daily care, and social interaction. It releases the demand of the silver-haired consumer market. At present, there is a large demand for market-oriented childcare, and community childcare can not only facilitate parents to send and pick up their children to and from schools but also enable community mothers to achieve employment at their doorstep.

Lu Ming, distinguished professor at Shanghai Jiao Tong University's Antai College of Economics and Management:

People's pursuit of spiritual civilization is more reflected in the service industry, as evidenced by popular cultural consumption such as concerts and music festivals in recent years. At the same time, because of the immediacy of service consumption, it has a more sustained and stable pulling role in boosting consumption.

Pan Yuanyuan, an associate researcher at the Institute of World Economics and Politics at the Chinese Academy of Social Sciences:

Steadily expanding the opening-up of the service industry is conducive to meeting the differentiated needs of all levels in China. In the future, there needs to be more detailed rules to cooperate with the encouragement catalog. For example, "Internet + medical" involves patient data management, follow-up data storage, data flow and other issues that need to be further clarified.

The plan aims to better meet housing consumption needs and extend the automotive consumption chain

The plan proposes to carry out big-ticket consumption renewal and upgrading actions, including:

- Increasing support for consumer product trade-in program.

- Better meeting housing consumer demand.

- Extending the auto consumption chain.

Wu Jing, director of the Henglong Center for Real Estate, Tsinghua University:

This marks the first time that a State Council document on boosting consumption has specifically outlined concrete measures to support housing consumption. It highlights the mutually reinforcing relationship between fully unleashing the potential of housing consumption and boosting overall household consumption, representing an extension and breakthrough in the approach to stimulating consumption.

Li Yujia, chief researcher at the Guangdong Planning Institute's residential policy research center:

Housing consumption has a leading and driving role in the consumption of the whole society, which can drive the consumption of old consumer goods for new, household appliances and furniture decoration. In the special action to boost consumption, housing consumption is the most important part.

Cui Dongshu, secretary-general of the China Passenger Car Association:

The policy will activate the new momentum of automobile consumption from three aspects: promoting market expansion, breaking down trading barriers, and building a digital regulatory system. The policy not only revitalizes the stock of automobile assets, but also creates incremental service demand, which is expected to promote the transformation of the automobile industry from manufacturing and sales to ecological services and promote the expansion and quality of the trillion yuan-level automobile consumer market.