Ministry of Commerce: China's consumption structure will accelerate the shift from commodity consumption dominance to service consumption dominance.

Wang Bo, head of the Department of Trade in Services and Commercial Services of the Ministry of Commerce, stated at a press conference on the 13th that in many households, spending on domestic services, fitness, travel, beauty, education, healthcare, and other services has exceeded spending on goods consumption. There is significant growth potential in service consumption in China. With the increase in residents' income levels, the consumption structure in China will accelerate its shift from being goods consumption-led to service consumption-led, thereby accelerating the release of the potential of service consumption. "The implementation of the policies on interest subsidies for personal consumption loans and for loans to service industry entities in this release will exert dual efforts from both demand and supply sides, to enhance consumption capacity and expand effective supply in a coordinated manner, which will have a positive effect on stimulating consumption, especially expanding service consumption," Wang Bo said.