China’s cabinet on Thursday rolled out a work plan to boost services consumption — from cruise and yacht tourism to elder care services and more sports events — as policymakers sought to boost the share of consumption in its economy over the next five years. The plan aims to “accelerate the cultivation of new growth drivers in service consumption” and to “improve and expand the supply of services,” the notice said.
Beijing’s renewed push came as officials try to shore up domestic demand amid a prolonged property slump, bleak job market and income uncertainty that have kept consumers cautious about major purchases. Concerns are also growing that the export boom that cushioned the economy from U.S. tariffs last year may prove difficult to sustain.
