--- title: China Daily - TIME - Partner Content - Services seen having bigger role in GDP description: Services seen having bigger role in GDP canonical: https://time.com/branded-content/china-daily/services-seen-having-bigger-role-in-gdp/ article:opinion: false article:content_tier: free article:published_time: 2026-09-15T08:42:27.731Z article:modified_time: 2026-09-15T08:42:15.214Z article:section: Paid Partner Content og:title: China Daily - TIME - Partner Content - Services seen having bigger role in GDP og:description: Services seen having bigger role in GDP og:url: https://time.com/branded-content/china-daily/services-seen-having-bigger-role-in-gdp/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/bltef0f802d16fcfa9e/6aa904bbb8c0b1ae35729eaf/1._Services_seen_having_bigger_role_in_GDP.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 og:image:width: 1575 og:image:height: 886 og:image:alt: TIME og:type: article twitter:card: summary_large_image twitter:title: China Daily - TIME - Partner Content - Services seen having bigger role in GDP twitter:description: Services seen having bigger role in GDP twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/bltef0f802d16fcfa9e/6aa904bbb8c0b1ae35729eaf/1._Services_seen_having_bigger_role_in_GDP.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 ---  # Services seen having bigger role in GDP > Sponsored content. 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They are at time.com/newsletters and are separate from a paid subscription.  _Tourists visit a night market in Nanning, South China’s Guangxi Zhuang autonomous region, enjoying sightseeing and local delicacies on July 29\. LU BOAN / XINHUA_ By ZHANG CHENXU and LI JIAYING Services consumption is poised to assume a more important role in driving China’s economic growth this year, officials and experts said, pointing to a structural shift in domestic demand, with services accounting for a growing share of household spending. They added that policymakers are doubling down on efforts to build on the shift and steer the economy toward a more consumption-led growth model. “Consumers tend to spend more frequently on services, and such spending generates strong spillover effects. Expanding services consumption will therefore remain a major engine of overall consumption growth,” Wang Guanhua, spokesperson for the National Bureau of Statistics, said at a news conference in early August. Service retail sales rose 5% year-on-year in the first seven months, 3.9 percentage points faster than retail sales of goods, NBS data showed. Luo Zhiheng, chief economist at Yuekai Securities, said the figures point to a continued upgrade in China’s consumption mix, with services becoming an increasingly important source of growth. Unlike goods, services are less constrained by diminishing marginal utility and therefore offer greater room for spending growth, Luo said. Tourism has stood out, with retail sales of tourism-related consulting and rental services rising 11% year-on-year in the first seven months, the NBS said. Morgan Stanley expects China’s tourism revenue to reach 12 trillion yuan ($1.78 trillion) by 2030\. Tourism’s share of GDP is projected to rise to about 6.7% by then, from 4.8% in 2024. Yuan Haixia, dean of the research institute at China Chengxin International Credit Rating, said the experience of developed economies shows that consumption typically becomes the main engine of growth once a country enters the ranks of high-income economies. Echoing this view, Xiong Yuan, chief economist at Guosheng Securities, said the shift toward services still had considerable growth potential, with the share of per capita spending on services in total consumption expenditure rising 0.2 percentage point year-on-year in the first half. A high-level meeting convened by China’s top leadership in late July placed a high premium on efforts to expand the supply of quality goods and services, and tap the potential of services consumption. The meeting held by the Political Bureau of the Communist Party of China Central Committee also called for improving fiscal-financial coordination to bolster domestic demand. Further measures are in the pipeline. “We are working on additional fiscal-financial coordination measures, which will be rolled out in the second half,” Liao Min, vice-minister of finance, said at a separate news conference on August 21. Alongside efforts to improve the supply of services, faster growth in household disposable incomes will be key to sustaining the expansion in services consumption, experts said. “Income elasticity for many services exceeds one, meaning spending on services tends to rise more than proportionately as household incomes grow,” Luo said. [](https://www.chinadaily.com.cn/) ## China Daily Website - Connecting China Connecting the World Since its launch in 1981, China Daily has grown to become the nation’s leading English-language newspaper. With a combined print, online and mobile readership of more than 470 million, it serves a vital role in telling the world about China, providing valuable insight into the world’s second-largest economy. 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