Foster new growth drivers in services spending

At present, China's economic development is at a critical stage of transitioning from high-speed growth to high-quality development. As China's per capita GDP has surpassed $12,000, the structure of household consumption is undergoing a historic transformation — from one dominated by the consumption of tangible goods to a shift toward giving equal weight to both goods and services. Accelerating the cultivation of new growth drivers in services consumption is not only an urgent measure to expand domestic demand and stabilize current economic growth, but also a long-term strategy to promote industrial upgrading and meet people's growing needs for better-quality lives.

Why must services consumption be placed at the core?