Luo Libin: Promote Service Consumption to Form a Strong Domestic Market

Release time:2019-04-17Author: Luo Libin

 The national realities as a major country determine that domestic demand is dominant, and the growth and decline of the proportion of domestic and foreign economic aggregate determines that domestic demand will become more and more significant to China's economy. The domestic market has always been an important engine of China's economic growth, and as China's trade surplus narrows and the economy continues to grow, the role of domestic demand as the main engine of China's economy will continue to increase. Due to the poor comparability of service industries between developed and developing countries, China's special national realities as the world's largest developing country indicate that China's actual domestic demand may be underestimated. Therefore, it will become a long-term role for domestic demand to play an increasingly important role in China's economy.  In order to promote the formation of a strong Chinese market, consumption will be a significant and main component, and service consumption will become the largest part of China's development potential in the future. To tap the potential of service consumption, the first is to change the concept and recognize the effective demand nature of service consumption; the second is to open up to the outside world at a high level, use domestic and foreign advantages to cultivate strong productive service industry, and improve the quality of domestic producer services; the third is to nurture a commercial authorization mechanism for cultural products, so as to open up a channel for cultural services and manufacturing industries to integrate with, support and promote each other.