New guideline unveiled to better tap domestic demand, unleash market potentialChina will continue to expand domestic consumption in culture and tourism, elderly and childcare services and sports, as the country aims to further unleash domestic demand potential and promote high-quality development, a new outline said.A guideline jointly released by the Communist Party of China Central Committee and the State Council on Wednesday specified the long-term goals for implementing a strategy for growing domestic demand from 2022 to 2035.The document said China would accelerate the cultivation of tourism formats that are related to islands, cruises, low-altitude air travel and deserts. The country will further boost the consumption potential of the general aviation sector and expand diversified, personalized and customized tourism products and services.The government will help promote the development of high-quality cultural resources, creative transformation and innovative development of China's famous traditional culture, and encourage cultural and historical sites to develop various creative products, the outline said."The accelerated expansion of service consumption will become the largest source that contributes to consumption growth," said Wang Wei, head of the market economy research institute at the Development Research Center of the State Council."Service consumption in areas such as cultural tourism, eldercare and childcare, medical education, sports and leisure has become a new hotspot and growth point of urban and rural residents' consumption. The growth rate of services consumption has continued to be higher than that of commodity consumption," Wang said.It is estimated that the proportion of residents' services consumption is expected to account for 50 percent of the consumption market by the end of the 14th Five-Year Plan period (2021-25) or at the beginning of the 15th Five-Year Plan period (2026-30). Services consumption will become an important driving force to support consumption growth and accelerate the construction of a new service industry system, Wang said.Meanwhile, the outline made clear that by adapting to an increasingly aging society, China would accelerate the improvement of the elderly care services system. This includes coordination between households and community institutions and the integration between medical care and rehabilitation.To develop the eldercare economy, China will continue to promote the adaptation of public facilities and develop technologies and products that are suitable for the elderly population, the outline said.The government will also promote the integration of the birth policy and economic and social policies, and help reduce the burdens of families in giving birth, child-rearing and education.It said that in the years up to 2035, China will promote public sports consumption by thoroughly implementing the nationwide fitness strategy, building a national trail system and promoting the building of more sports parks. The country will also further develop new business formats such as online fitness and online competitions, and promote ice and snow sports.In addition, the outline sets out objectives to promote services quality and market scale of the domestic services sector by making it more professional, internet-based and standardized. The country will further promote the identification of socialized vocational skills. The guideline also encourages the development of high-end domestic services such as family housekeeping.New guideline unveiled to better tap domestic demand, unleash market potentialChina will continue to expand domestic consumption in culture and tourism, elderly and childcare services and sports, as the country aims to further unleash domestic demand potential and promote high-quality development, a new outline said.A guideline jointly released by the Communist Party of China Central Committee and the State Council on Wednesday specified the long-term goals for implementing a strategy for growing domestic demand from 2022 to 2035.The document said China would accelerate the cultivation of tourism formats that are related to islands, cruises, low-altitude air travel and deserts. The country will further boost the consumption potential of the general aviation sector and expand diversified, personalized and customized tourism products and services.The government will help promote the development of high-quality cultural resources, creative transformation and innovative development of China's famous traditional culture, and encourage cultural and historical sites to develop various creative products, the outline said."The accelerated expansion of service consumption will become the largest source that contributes to consumption growth," said Wang Wei, head of the market economy research institute at the Development Research Center of the State Council."Service consumption in areas such as cultural tourism, eldercare and childcare, medical education, sports and leisure has become a new hotspot and growth point of urban and rural residents' consumption. The growth rate of services consumption has continued to be higher than that of commodity consumption," Wang said.It is estimated that the proportion of residents' services consumption is expected to account for 50 percent of the consumption market by the end of the 14th Five-Year Plan period (2021-25) or at the beginning of the 15th Five-Year Plan period (2026-30). Services consumption will become an important driving force to support consumption growth and accelerate the construction of a new service industry system, Wang said.Meanwhile, the outline made clear that by adapting to an increasingly aging society, China would accelerate the improvement of the elderly care services system. This includes coordination between households and community institutions and the integration between medical care and rehabilitation.To develop the eldercare economy, China will continue to promote the adaptation of public facilities and develop technologies and products that are suitable for the elderly population, the outline said.The government will also promote the integration of the birth policy and economic and social policies, and help reduce the burdens of families in giving birth, child-rearing and education.It said that in the years up to 2035, China will promote public sports consumption by thoroughly implementing the nationwide fitness strategy, building a national trail system and promoting the building of more sports parks. The country will also further develop new business formats such as online fitness and online competitions, and promote ice and snow sports.In addition, the outline sets out objectives to promote services quality and market scale of the domestic services sector by making it more professional, internet-based and standardized. The country will further promote the identification of socialized vocational skills. The guideline also encourages the development of high-end domestic services such as family housekeeping.
