China's economic watchdog has announced a three-year action plan to upgrade living and consumption services, in order to boost consumption. The National Development and Reform Commission says consumption for the first half of 2018 maintained steady growth. Retail sales reached 18 trillion yuan, contributing some 78 percent to economic growth. That's up 14 percent from the same period in 2017. However, the commission pointed out key consumption markets still cannot meet people's multilevel and diversified demands. But efforts will be taken to improve the system, and form strong new growth points.

LIU YU'NAN COUNSEL, NATIONAL DEVELOPMENT AND REFORM COMMISSION "We will establish a more mature consumer segment and expand new growth points. Through upgrading people's living and consumption services, we will break through systemic and mechanism barriers in consumption, and adapt to the diversified consumption demands of residents. We will ensure that basic consumption is economical and safe, we will cultivate the middle and high-end consumer market, and work to form strong new growth points with good development momentum."