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Chinese govt. boosts spending in service industry

Reporter: Wu Guoxiu 丨 CCTV.com

11-29-2016 16:15 BJT

China is taking steps to boost consumption in the service sector and a number of other industries including tourism, sports and senior care. 

Chinese are spending more and more on what's called the "happiness industry", including tourism and sports.

More than half of the domestic travel in China last year was self-driven.

The air, water and outdoor sports market is expected to reach 90 million RMB by 2020. That has led the government to adopt more policies to deal with the trends.

"We'll guide social capital to invest more into tourism, culture, sports, senior care and training sectors, to improve service quality and to release more consumption potential." said Cong Liang, director of Comprehensive Dept, NDRC.

The government says consumption is clearly driving China's economy.

Consumption contributed to more than 70 percent of GDP in the first three quarters of this year. That's up 13 percent from last year.

People also are spending more on high-end products and services.

Many Chinese buyers still favor daily commodities purchased abroad, though the government wants to attract the shoppers back to domestic goods.

"Daily commodities for the domestic market will also use the same production lines, standards and quality as those for export, to rebuild residents' confidence in domestic products." said Zhao Lidong,inspector of Comprehensive Dept, NDRC.

The top economic planning body says the new policies aim to ... abroad.

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