China’s services consumption potential is expected to be further released in the fourth quarter, according to a report issued by the Bank of China Research Institute on Sunday. The third quarter of this year saw a sustained economic recovery, with the services industry playing a crucial role in it. The booming supply and demand in the services sector have led to an increase in employment and rapid growth of the kinetic energy field.
Zhou Jingtong, deputy head of the institute, stated that 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.
The quality of services has improved, leading to new forms of business and bright spots in services consumption. Young consumers have shown enthusiasm for sectors such as cultural tourism and catering, which has increased demand for services.
Data from the National Bureau of Statistics shows that 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. Services retail sales surged 19.4 percent in the first eight months of the year.
The report suggests that China’s services sector is expected to continue its growth momentum in the fourth quarter, with more consumption potential being released.
The report highlights how China’s services industry has been a key driver of economic recovery in Q3. The booming supply and demand in this sector has led to an increase in employment and rapid growth of the kinetic energy field. The quality of services has improved, leading to new forms of business and bright spots in services consumption. Young consumers have shown enthusiasm for sectors such as cultural tourism and catering, which has increased demand for services.
Data from the National Bureau of Statistics shows that China’s services production index rose 6.8 percent year on year in August, accelerating from a 5.7 percent rise the previous month. Services retail sales surged 19.4 percent in the first eight months of this year.
The report suggests that China’s services sector is expected to continue its growth momentum in Q4, with more consumption potential being released.