Chief Representative of the IMF in China: Strong growth in service consumption, with "plenty of momentum"

Marshall Mills, the Chief Representative of the International Monetary Fund in China, recently stated that China's service consumption has been experiencing strong growth. The IMF believes that there is still considerable room for expansion in this area, which is an expected trend that arises with rising income levels in the economy. Mills expressed the IMF's appreciation for the Chinese government's focus on expanding domestic demand, particularly in consumption and service consumption. He noted that, in terms of overall economic volume, China has significant potential for growth in both the scale of its service industry and service consumption levels. In the future, it is essential to accelerate the implementation of already introduced support measures for the service industry, including reducing barriers in the service sector, building a unified national market, and creating a fair competitive environment, which will unleash new demand. Furthermore, digitalization and artificial intelligence are expected to further enhance productivity in the service industry.