There is a bigger room for growth of service consumption in China

In the first half of 2019, China's service consumption accounted for 49.4% of residents'final consumption expenditure, compared with the 60% or so of the service consumption in developed countries, and there is still much room for growth. With the emergence of strong domestic market advantages and the increasing driving force of domestic demand, it is expected that the fundamental role of consumption in economic growth will be further consolidated in the second half of the year, and the final contribution rate of consumption to economic growth will remain at a high level of about 60%. While focusing on the steady growth of the consumer market, the central government also emphasizes the use of reform measures to expand consumption. In the future, consumption growth will further tap its potential. With the innovative application of new business model and circulation technology in a wider scope, the circulation infrastructure and market supply level will be further improved, and the areas of community consumption and rural consumption will witness rapid growth.