China's services sector records fast half-year growth

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China's consumption of services registered fast growth in several sectors in the first half of the year, according to the National Development and Reform Commission (NDRC).

Tourism, culture, sports, eldercare and housekeeping accounted for 40 percent of total household consumption, according to Liu Yunan, an NDRC official.

China's tourism market continued to expand, with domestic tourism revenue rising 12.5 percent year-on-year in the six-month period.

Both investment and consumption in the culture industry showed good performances. Fixed asset investment in the culture industry climbed 17.5 percent from a year earlier, while China's box office sales went up 17.8 percent year-on-year.

With an aging population, demand for eldercare services has been rising. By June, the number of elderly care institutions and facilities reached 156,000, with over seven million beds and more than 700,000 workers.

Sports, a sector with great potential in China, also saw marked growth, said Ou Xiaoli, another NDRC official.

Ou forecasts that by the end of 2018, the added value of the sports industry will contribute to over one percent of China's GDP, contributing to nearly a trillion yuan (about 146 billion US dollars) in consumption and creating over 4.4 million jobs.

China is seeking to transition from an economy reliant on investment and exports of low-value-added goods to a consumption, service-driven one.

Retail sales expanded 9.4 percent year-on-year in the reporting period to reach 18 trillion yuan, with final consumption expenditure contributing 78.5 percent to economic growth.

Source(s): Xinhua News Agency