The Chinese government is seeking to accelerate the growth of its economy again. To this end, it has announced a strategy, focusing on services such as care work, gastronomy, tourism and culture.
With the aim of boosting domestic consumption, The Chinese government launched 20 initiatives, focusing on improving services such as care work, gastronomy, tourism and cultural industries.This came after economic activity growth slowed to its weakest level since late 2022.
The economy of the Asian power slowed down amid a debt crisis in the real estate sector, low consumption and high youth unemployment. In the second quarter of 2024, output grew by 4.7% year-on-year, below projected expectations by 5%.
In this context, the ruling Chinese Communist Party (CCP) has pledged to stimulate household spending. The axes are as follows:
- Promote consumption in restaurantstypical dishes and local chefs, as well as the opening of flagship businesses of international brands. Promote the development of hotels The document calls for more food festivals and for the promotion of street food snacks, which the Chinese are already very fond of. As regards accommodation, the document calls for a better quality of the offer and for the renovation of unused houses in rural areas, in order to open more hostels or guest houses.
- Increase the supply of domestic services
- Improve the care services of children and older adults
- Promote partnerships between real estate agencies and companies dedicated to the care of children and the elderly. The underlying objective is to develop a model of “Real estate service + life service”.
- Promote the creditensuring that eligible small and micro enterprises in the services sector can benefit from increased financial support, especially from banks, and granting tax benefits for care tasks.
- Promote cultural and creative projectsranging from video games to the television industry, film and the development of new media formats
- Promote the tourism through improved transport and payment services, and expanding the range of recreational and cultural activities.
- Promote the sports activitiesthrough the expansion of establishments to implement them, the promotion of winter sports and the attraction of mass events.
- Improving the quality and provision of education
- Boost trainings and new occupations within the services
- Improve and promote the health servicesincluding support for companies and inclusion of new areas such as nutrition, among other policies
- Boost new methods of digital consumption
- Promote low carbon technologies. Improve standards, certifications and labeling systems linked to “clean” products
- Promote the innovation in the consumption of services by modernizing pedestrian streets and building 15-minute “convenient life circles”
- Support for service companies for protect his brand
- Promote a greater number of providers in services related to telecommunications, education, care and health. It includes the attracting foreign investment
- Strengthen the controls against false information and protect consumer rights
- Facilitate the availability of reliable information linked to credits, bureaucratic procedures, licenses and sanctions
- Improve the standards in all the above mentioned services
- Strengthen the public statistics
Source: Ambito
