China's Strategic Push to Boost Service Sector Consumption

China aims to expand domestic demand and stabilize employment by boosting the consumption of services, as announced by an official from the Ministry of Commerce. Acknowledging the growth potential in this sector, the government will introduce interest subsidies for businesses and individual consumers across eight consumer service areas.

In a bid to invigorate the domestic economy, China's Ministry of Commerce has announced measures to bolster the consumption of services. This strategic move, aimed at both expanding domestic demand and stabilizing employment, was highlighted by Wang Bo, an official at the ministry.

The focus on the service sector is underscored by its significant growth potential, which the government intends to capitalize on. Addressing the media, the official emphasized that this sector offers substantial opportunities for economic expansion.

To facilitate this growth, China will introduce interest subsidies for businesses in eight consumer service sectors, alongside support for individual consumers. The initiative was unveiled following a governmental announcement on Tuesday, aiming to fortify the service sector further.

(With inputs from agencies.)