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BEIJING, CHINA – NOVEMBER 6: Women wearing Qing Dynasty-style costumes take photos inside the Forbidden City on November 6, 2025, in Beijing, China. Cheng Xin | Getty Images News As Chinese households remain reluctant to spend on big-ticket goods, Beijing is leaning on a new lever to revive consumption: experiences and everyday services. China’s cabinet on Thursday rolled out a work plan to boost services consumption — from cruise and yacht tourism to elder care services and more sports events — as policymakers sought to boost the share of consumption in its economy over the next five years. The plan aims to “accelerate the cultivation of new growth drivers in service consumption” and to “improve and expand the supply of services,” the notice said. Beijing’s renewed push came as officials try to shore up domestic demand amid a prolonged property slump, bleak job market and income uncertainty that have kept consumers cautious about major purchases. Concerns are also growing that the export boom that cushioned the economy from U.S. tariffs last year may prove difficult to sustain. While Beijing has rolled out trade-in subsidies to spur sales of cars and appliances, the rebound in spending has been uneven. Retail sales grew 3.7% in 2025, lagging industrial output growth of 5.9% and broader economic expansion of 5%. The consumption gauge eased to 0.9% in December while consumer inflation was flat last year and producer prices declined for a third straight year, extending a deflationary stretch that has weighed on corporate profits and wage expectations. Early indicators compiled by China Beige Book showed services consumption slowed sharply in January, with most sub-sectors, including travel, hospitality and chain restaurants, reporting broad-based weakness. Even so, economists pointed to an apparent shift in household preferences, with consumers increasingly allocating spending towards services rather than goods.…

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Filed under: News - @ January 30, 2026 12:29 pm