China should focus on enhancing and expanding its services industries to drive future household consumption growth, according to Bai Chong-en, dean of the School of Economics and Management at Tsinghua University. Speaking recently, Bai emphasized that the services sector is poised to become a major contributor to China’s economic development.
Bai highlighted that while the manufacturing industries should continue to be improved and strengthened, they do not necessarily need to be larger in scale. “We cannot rely too heavily on investment in manufacturing,” he stated. “Instead, making the services industries better, stronger, and larger will be key to sustaining economic momentum.”
The dean’s remarks underscore a strategic shift towards a more service-oriented economy. By prioritizing advancements in services such as finance, healthcare, education, and technology, China aims to meet the evolving needs of its population and global markets. This approach is expected to not only boost consumption but also foster innovation and enhance the quality of life for residents.
Bai’s insights reflect a broader understanding that diversification and balance between sectors are essential for long-term economic stability. As China continues to develop, the emphasis on strengthening the services industries may play a crucial role in shaping the country’s future economic landscape.
Reference(s):
Bai Chong-en: China needs to make services better, stronger & bigger
cgtn.com
