(Yicai Global) Jan. 17 -- China will focus on promoting the consumption of services and mid- to high-end products to fuel demand this year, reported the Economic Information Daily.
The country will introduce a slew of new supply-side measures to boost consumption, including a new round of pilot reforms in the service sector, innovative development guidelines in the service economy and expanding the scope of tax-free consumer goods.
Consumption is set to keep growing at about 10 percent this year, experts predict, with services, mid- to high-end industrial products and food becoming the main drivers of structural transformation. China's leaders are shifting the world's second-largest economy away from a growth model rooted in resource-based manufacturing, investment and exports toward one focused more on domestic-driven services, private consumption and innovation.
China will unveil measures to increase housekeeping, dining and community-based services as well as life services in rural areas. Plans also include vigorously promoting e-commerce in communities and expanding the consumer market for mid- to high-end and individualized life services, the report added.