National Bureau of Statistics: The growth of service consumption is increasingly becoming an important growth point of residents' consumption.

On November 14th, Fu Linghui, spokesperson of the National Bureau of Statistics, chief economist, and director of the National Bureau of Statistics, stated at a press conference of the State Council Information Office that the transformation of residents' consumption in China is accelerating, and the growth of service consumption is increasingly becoming an important growth point for residents' consumption. Driven by the factors of the National Day and Mid-Autumn Festival holidays, service consumption continued to grow rapidly in October, with the growth rate of service retail sales in January-October accelerating by 0.1 percentage points compared to January-September, and higher than the growth rate of goods retail sales by 0.9 percentage points during the same period. In terms of structure, cultural and tourism services are doing well, information services are growing rapidly, and the demand for digital media and network entertainment services continues to expand. In addition, residents increased their dining out during the holidays. In terms of emerging consumption, digital consumption and green consumption are continuing to grow. Fu Linghui stated that China is at a crucial stage of upgrading consumption structure, with vast development space for cultural tourism, medical health, and other types of consumption. The rapid development of silver-haired economy and first-time economy is also injecting new impetus into expanding consumption.