China's Ambitious Work Plan to Boost Service Consumption

China announced an extensive work plan aimed at boosting service consumption through various initiatives, such as developing tourism sectors, supporting car modification, and enhancing sports events. The government plans to expand credit access for service firms and encourage international competition in sports to increase domestic demand.

In a bid to elevate domestic demand, China unveiled a comprehensive work plan on Thursday, targeting various facets of service consumption including cruise and yacht tourism, smart home-based elderly care, and sporting events.

The plan also calls for growth in the car-modification sector, the expansion of self-drive tourism, and enhancements in inbound-travel services. Significant attention is given to high-quality yacht consumption, with pledges to update safety regulations and upgrade relevant infrastructure.

The strategy is set to bolster the supply of elite sports events and entice top international competitions to China, while simultaneously promoting premier outdoor sports destinations. Additionally, the plan seeks to widen credit avenues for service-consumption firms and facilitate bond issuance for qualified companies in culture, tourism, and sports sectors.

(With inputs from agencies.)