Economic Daily Jin Guanping: Seize the Opportunity to Expand Service Consumption

An article in the Economic Daily states that in recent years, the proportion of service consumption in China's overall consumption has been increasing year by year. New categories of consumption emerge constantly, new scenarios continuously appear, and new business formats continue to evolve. Service consumption has become an important engine driving domestic demand and promoting high-quality economic development. The development of service consumption faces vast opportunities. Research shows that since the mid-20th century, the share of value added by the service industry in the GDP of developed countries has remained above 60% for a long period. In the past 10 years, the average share of value added by the service industry in China's GDP has been 54.6%. The gap indicates the potential for expanding service consumption. China has the world's largest middle-income group, providing vast market prospects for both traditional service consumption with a large existing customer base and new and improving types of service consumption with greater growth potential. However, it is also important to note that the current system for protecting consumer rights and interests focuses more on goods consumption, and the relevant regulatory rules have not fully adapted to the development of service consumption. Issues such as dispersed regulatory bodies, lack of service standards, and outdated evidentiary methods have led to insufficient protection of service consumption rights, becoming a bottleneck in unleashing the potential of service consumption.