China's services consumption potential to be released further in Q4

(Xinhua) 08:41, October 09, 2023

BEIJING, Oct. 8 (Xinhua) -- China's services consumption potential will continue to be released in the fourth quarter, according to a report issued by the Bank of China Research Institute on Sunday.

In the third quarter of this year, the structural highlights of the economy have been reflected mainly in the fact that booming supply and demand in the services industry have been supporting sustained economic recovery, in the enhancement of employment in the services sector, and in the rapid growth of the kinetic energy field, said Zhou Jingtong, deputy head of the institute.

Analysts say that supply and demand have prompted the recovery of the services market.

Young consumers have shown enthusiasm for sectors such as cultural tourism and catering, increasing demand for services. From the supply side, the improvement of the quality of services has spawned many new forms of business and led to new bright spots in services consumption.

The country's services production index rose 6.8 percent year on year in August, accelerating from a 5.7 percent rise the previous month, data from the National Bureau of Statistics shows. Services retail sales surged 19.4 percent in the first eight months of the year.

(Web editor: Zhang Kaiwei, Liang Jun)


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