China’s State Council has published a detailed work plan to accelerate the cultivation of new service-consumption growth points, deploying policy tools to expand and upgrade service-sector demand. The document sets out targeted measures across transport, household services, network audiovisual, travel-residence, the automotive aftermarket and inbound consumption, and promises stronger fiscal and financial backing — notably an optimization of existing loan interest-subsidy arrangements for service providers.
The plan groups measures into three tracks: stimulating development in priority service areas, nurturing potential high-growth niches such as performance and sports-event services and experiential offerings, and shoring up the institutional backbone through standards, credit systems and finance. Practical steps include railway and cruise-tourism integration, support for yacht and night-cruise infrastructure, promotion of home-care and professionalisation of domestic-help providers, encouragement of ultra-high-definition and short-form content industries, and measures to make China more hospitable to foreign visitors through visa and retail reforms.
On the finance side the State Council instructs central and local authorities to coordinate the use of existing funding channels and to "optimize" the loan-interest subsidy policy for service-sector firms. The plan asks financial institutions to increase lending to new service-consumption areas, consider tailored loan rates and products, and to support issuance of bonds and infrastructure REITs where eligible. It also calls for expanded consumer-credit solutions and closer cooperation between banks and merchants to design offerings suited to service purchases.
The initiative is an explicit policy response to a longer-term rebalancing objective: raising the share and quality of domestic consumption while shifting growth away from heavy industry and property. Supporting services is also a jobs-rich strategy, addressing employment pressures and the need to absorb labour displaced by slower manufacturing and a cooling real-estate sector. The timing reflects Beijing’s dual imperative to sustain near-term demand while accelerating structural upgrading in the face of softer export markets.
Implementation will shape outcomes and risks. The measures rely heavily on local governments to pilot reforms and deploy funds, creating room for uneven execution. Subsidising loans reduces borrowing costs for service providers but transfers credit and fiscal risk to authorities and lenders; smaller home-care and experiential firms may still struggle to meet bank credit standards without additional guarantees. The plan’s encouragement of new experiential formats and private capital in network audiovisual services also raises regulatory questions around safety, consumer protection and content governance.
Internationally, easing inbound-consumption frictions — from visa facilitation to more multilingual services and greater tax-refund outlets — can attract higher-spending tourists and strengthen China’s position as a regional consumption hub. The push to commercialise event and cultural offerings may open opportunities for foreign participation, but firms should expect incremental liberalisation and close coordination with domestic partners as the policy is rolled out. The Commerce Ministry will lead coordination, making progress contingent on cross-department and provincial follow-through.
If the loan-subsidy adjustments and complementary measures are implemented at scale and with prudent risk controls, the plan could raise service-sector investment and household spending over the medium term. But authorities must balance support with tighter credit oversight to prevent misallocation and to ensure the subsidies foster sustainable enterprises rather than short-term activity spikes.