Member of the National Committee of the Chinese People's Political Consultative Conference and Dean of the School of Economics and Management at Tsinghua University, Bai Zhong'en: Make service consumption a new driver of economic growth

The Central Economic Work Conference placed “insisting on domestic demand as the main driver and building a strong domestic market” as the top priority for this year’s economic work. It outlined several specific measures, including “deepening the implementation of targeted consumption boost initiatives” and “releasing the potential of service consumption.”

White Zhong’en, member of the National Committee of the Chinese People’s Political Consultative Conference, Dean and Professor at Tsinghua University School of Economics and Management, stated that the core of boosting consumption lies in enabling residents to have stable income to spend, removing worries that prevent spending, and creating a strong sense of gain and willingness to consume through multi-dimensional policies to address the shortcomings in consumption. Only then can the full potential of domestic demand be unleashed, turning service consumption into a new engine for economic growth and strengthening the foundation for building a strong domestic market.

How to address the supply shortfalls in service consumption and unlock its potential? White Zhong’en suggests increasing financial support for sectors like healthcare and education under the premise of ensuring fiscal sustainability, continuously improving service quality; creating a relaxed and healthy cultural consumption environment, enriching cultural product offerings to meet the growing spiritual and cultural needs of residents; and promoting coordinated efforts between the government and enterprises to develop high-quality service consumption scenarios, eliminate unreasonable restrictions in the consumption field, and solve the problem of single enterprises struggling to build consumption scenarios. This will give service consumption a tangible platform and experience, continuously enhancing residents’ sense of gain from consumption.

People’s Political Consultative Conference Daily

People’s Political Consultative Conference Network

Xinhua News Agency Audio-Visual Department

Joint Production

(Edited by: Wen Jing)

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