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China's 'happiness industry' grows

Reporter: Wu Guoxiu 丨 CCTV.com

11-30-2016 05:57 BJT

Chinese consumers have been fueling a rise in the country's service sector, including in areas such as tourism and sports. Now the government wants to add more fuel to that trend.

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 yuan RMB by 2020. That has led the government to adopt more policies to deal with the trends.

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

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," Zhao Lidong, inspector of NDRC's Comprehensive Dpet., said.

 

 

 

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