CFIC Introduction
According to the Chinese government website on August 3, a few days ago, the State Council issued the "Opinions on Promoting the High-quality Development of Service Consumption".
According to the Chinese government website on August 3, a few days ago, the State Council issued the "Opinions on Promoting the High-quality Development of Service Consumption" (hereinafter referred to as the "Opinions"). The "Opinions" make it clear that we should accelerate the construction of a new development pattern, coordinate the expansion of domestic demand and deepen the supply-side structural reform, expand the opening up of the service industry, strive to improve service quality, enrich consumption scenarios, and optimize the consumption environment, so as to stimulate the internal vitality of service consumption with innovation, cultivate new growth points of service consumption, and provide strong support for high-quality economic development. The "Opinions" put forward 20 key tasks in 6 aspects. Increase the supply of elderly care services through multiple channels, and the "Opinions" put forward that we should vigorously develop the silver economy, promote the development of the smart and healthy elderly care industry, promote the barrier-free construction of public spaces and consumption places, and improve the level of home for the elderly. Accelerate the improvement of the elderly care service system that coordinates home and community institutions and combines medical care and health care, carry out actions to improve basic elderly care services at home and in the community, and promote vocational colleges to strengthen talent training. Increase the supply of elderly care services through multiple channels, support the use of vacant sites in accordance with laws and regulations to build, renovate and expand elderly care institutions, and promote the reduction of operating costs. Combined with the renovation of old communities, the construction of complete communities, the construction of community life circles, and the construction of embedded service facilities in urban communities, the layout of service facilities such as housekeeping, elderly care, childcare, and meal assistance was optimized. Strictly implement the requirements for synchronous planning, construction, acceptance and delivery of new residential communities and supporting elderly care service facilities. The water, electricity, gas and heat consumption of old-age care institutions shall be implemented according to the price of residents' daily life. Support financial institutions to optimize risk management, and actively provide financial products and services that are suitable for the characteristics of the capital needs of inclusive pension and childcare institutions. Huang Shisong, a senior researcher at the National Institute of Development and Strategy at Renmin University of Chinese, said that the mainland's silver economy already has a relatively good foundation, with a large elderly population and a fast growth rate, and the state has made a lot of arrangements in terms of policies, laying a good foundation in career development and infrastructure construction. The mainland's old-age security system and medical insurance system have basically achieved full coverage of urban and rural areas, and great progress has been made in the construction of old-age service facilities in institutions, communities and homes, and the development of the silver economy will shift from the stage of "government-led career development" to the new stage of "coordinated development of undertakings and industries". Encourage the development of new business formats such as cruise yachts, RV camping, and low-altitude flights, and the "Opinions" are clear, strengthen the construction of national cultural and tourism consumption demonstration cities, promote the innovative and standardized development of national-level night cultural and tourism consumption clusters, and implement better life vacation and leisure projects and rural tourism quality and efficiency improvement actions. Promote the integrated development of business, tourism, culture, sports and health, enhance the experiential and interactive nature of projects, launch various types of characteristic tourism products, encourage the development of new business formats such as cruise yachts, RV camping, and low-altitude flights, and support the development of integrated business formats such as "music + tourism", "performance + tourism", and "event + tourism". The silver tourist train will be added, and the carriages will be adapted to the elderly and comfortable, so as to enrich the tourism routes and service supply. Encourage all localities to formulate and implement policies such as preferential tickets for scenic spots and free opening in the off-season. Improve the quality of transportation services, improve three-dimensional transfers, car rentals and other services, and facilitate passenger travel. Optimize the entry policy and consumption environment, speed up the resumption of flight schedules, provide diversified payment services, study the expansion of the scope of visa-free countries, and deepen the activities of the Year of Cultural Tourism. Dai Bin, president of the China Tourism Academy, said that tourism is the final consumption and comprehensive consumption, with high relevance, wide coverage and strong driving force, and has the characteristics of "one industry is prosperous and all industries are prosperous". With the upgrading of tourism market demand, tourism consumption tends to be diversified, personalized and quality, modern tourism industry has entered a virtuous circle of "quality demand guides supply innovation, supply innovation promotes demand upgrading", tourism and other industries cross-border integration, coordinated development, new products, new formats and new business models continue to emerge. With the integrated development of culture, art, science and technology, sports and tourism, as well as the wide application of new quality productivity represented by artificial intelligence, advanced manufacturing and digitalization, sports + tourism, tourism + health care are booming, new demand and new formats of red tourism and research tourism continue to emerge, and a new round of tourism investment and entrepreneurship and innovation is coming. In addition, the "Opinions" proposes to revitalize the resources of vacant venues, guide social forces to renovate old factories, warehouses, old commercial facilities, etc. in accordance with laws and regulations, and increase sports consumption venues. Encourage the holding of various sports events, create an event brand with independent intellectual property rights, bid for or introduce influential international top events, and cultivate a professional operation team. Guide all localities to launch mass sports events with distinctive characteristics. Actively develop ice and snow sports, and continue to promote the popularization and development of ice and snow sports throughout the country. Deepen the pilot work of promoting sports consumption, and cultivate a number of national sports industry and sports tourism development carriers. Continue to deepen the opening up of telecommunications, education, elderly care, medical care, health and other fieldsIn terms of enhancing the momentum of service consumption, the "Opinions" proposes to expand the opening up of the service industry. Relying on platforms such as the National Service Industry Expansion and Opening-up Comprehensive Demonstration Zone and the National Service Trade Innovation and Development Demonstration Zone, we will take the initiative to connect with international high-standard economic and trade rules. We will relax market access for the service industry, continue to deepen the opening up of telecommunications, education, elderly care, medical care, health and other fields, and promote the full implementation of opening-up measures in the fields of science and technology services and tourism. We will do a good job in organizing exhibitions such as the China International Import Expo and the China International Fair for Trade in Services, attracting more investment from internationally renowned enterprises and landing more service formats. Lu Zhengwei, chief economist of the Industrial Bank, said that in the future, the mainland will gradually change from material-based consumption to service-oriented consumption, and the employment of laborers will also need to rely more on the absorption of the living service industry, and the role of the service industry in stimulating domestic demand will become more prominent. Improving the level of openness and marketization of the mainland's service industry will not only promote the improvement of the business environment of the service industry through institutional opening-up, but also lay the foundation for the mainland to expand its network of high-standard free trade zones facing the world.
Source of this article: China Securities Journal
Author: Wang Shuyan
Taking Service Consumption as the Starting Point to Increase the Impetus for Expanding Domestic Demand: Interpretation of the Opinions on Promoting the High-quality Development of Service Consumption
Xinhua Finance and Economics, Beijing, August 4 (Reporter Xie Xiyao) The State Council recently issued the "Opinions on Promoting the High-quality Development of Service Consumption", further releasing a clear signal that service consumption is the starting point and adding impetus to the expansion of domestic demand. At the recent meeting of the Political Bureau of the Central Committee to deploy the economic work in the second half of the year, it was proposed that the focus should be on boosting consumption to expand domestic demand, and the focus of economic policy should be more to benefit the people's livelihood and promote consumption. Chen Lifen, a researcher at the Market Economy Research Institute of the Development Research Center of the State Council, said that the mainland is in a stage of relatively rapid growth in service consumption, which is growing faster than commodity consumption, and has become the main source of incremental consumer consumption. However, compared with the average level of high-income economies at the same stage of development, the proportion of service consumption in household consumption is still low, and there is a large space and potential for development. Promoting the high-quality development of service consumption is a powerful measure to expand domestic demand. According to data from the National Bureau of Statistics, in the first half of this year, retail sales of services increased by 7.5% year-on-year, 4.3 percentage points faster than the growth rate of retail sales of goods in the same period. Dong Chao, director of the Circulation and Consumption Research Institute of the Ministry of Commerce Research Institute, said that the current domestic effective demand is insufficient, and from the perspective of consumption, service consumption has become the main engine driving consumption growth. The issuance of the opinions is very timely, which is conducive to stimulating the vitality of service consumption, cultivating new growth points of service consumption, and providing strong support for expanding domestic demand and stimulating the economy. Among the 20 key tasks in 6 aspects, "tapping the potential of basic consumption such as catering and accommodation, housekeeping services, and elderly care and childcare" ranks first. Chen Lifen said that catering and accommodation, housekeeping services and elderly care are the basic service needs of residents, with great consumption potential, and it is also a labor-intensive industry, but it is also a labor-intensive industry, but it is facing problems such as insufficient high-quality supply, and the development of basic service consumption is not only conducive to meeting the needs of residents, but also helps to absorb more labor and employment, stabilize and enhance residents' consumption capacity. "Stimulate the vitality of improved consumption such as culture and entertainment, tourism, sports, education and training, and residential services", "Cultivate and expand new consumption such as digital, green, and health", "Enhance the momentum of service consumption, and innovate service consumption scenarios...... The opinions put forward a number of requirements around focusing on improving service quality, enriching consumption scenarios, optimizing the consumption environment, and expanding the opening up of the service industry. In Dong Chao's view, the opinions cover all areas of service consumption, including traditional service consumption with a large stock, as well as improved and new service consumption with greater room for growth, which is not only conducive to meeting the increasingly diversified needs of consumers' personalized, experiential and other service consumption, but also promotes the optimization and upgrading of the economic structure. The opinions also put forward that the service consumption environment should be optimized, the supervision of service consumption should be strengthened, the integrity and compliance operation should be guided, and the service consumption standards should be improved. Strengthen policy guarantees, strengthen fiscal, tax and financial support, consolidate the support of talent teams, and improve the level of statistical monitoring. Dong Chao said that service consumption often involves intangible services, which is more difficult to supervise than commodity consumption, so there are many complaints about tourism consumption and many disputes in the field of housekeeping. Chen Lifen believes that service consumption involves many industries, and the implementation of the opinions requires all parties to form a joint force to strengthen policy support from the aspects of finance, taxation and finance, talent, and statistical monitoring, so as to fully release the potential of service consumption and promote the high-quality development of service consumption.
Source: Xinhua News Agency
Author: Xie Xiyao
WeChat editor: Fang Zizhao
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