Wang Yiming Sees Service Consumption Opportunities in 15th Five-Year Plan

According to reports by China News Service, economist Wang Yiming noted that service consumption is positioned for major growth opportunities during China's upcoming 15th Five-Year Plan period (2026–2030). The assessment coincided with the opening of the 2026 Haihe International Consumption Forum in Tianjin, where municipal authorities released a five-year report outlining plans to transform the port city into an international consumption hub. Together, these developments highlight China's ongoing policy pivot toward expanding domestic demand through service sector modernization and urban consumption hubs.

With per capita service consumption spending approaching 50 percent of total household expenditure in China, the shift marks a critical milestone in the nation's economic restructuring. Expanding service consumption offers a crucial long-term anchor for high-quality economic development and sustained domestic market growth.

China’s service consumption is poised for major development opportunities during the upcoming 15th Five-Year Plan period (2026–2030), according to remarks by economist Wang Yiming reported by China News Service. The perspective reflects a broader strategy among Chinese policy advisors to pivot the national economy toward service-led domestic consumption as a long-term engine of sustainable growth. The announcement coincided with the opening of the 2026 Haihe International Consumption Forum in Tianjin, China News Service reported. During the event, Tianjin municipal authorities published a comprehensive five-year report outlining a new blueprint for the port city's development as an international consumption hub. The report details local strategies to expand consumer service offerings, upgrade commercial facilities, and foster a high-quality environment for both domestic and international shoppers. Service consumption has increasingly become a core component of China’s economic rebalancing efforts. As urban resident spending shifts from physical goods toward areas such as healthcare, education, cultural entertainment, and tourism, per capita service expenditure is approaching 50 percent of total household consumption expenditure. This structural transition marks a critical milestone in China's evolving economic model, highlighting the rising importance of services in supporting high-quality development and domestic demand. Under China's broader strategy to expand domestic demand and establish a dual-circulation development pattern, municipal hubs like Tianjin are positioning themselves as key testing grounds for service sector growth. Building international consumption center cities is viewed as a strategic priority to enhance high-level opening up, improve urban service infrastructure, and attract regional and global commerce. Looking ahead to the 15th Five-Year Plan, industry analysts and policymakers will be closely monitoring how national guidelines translate into specific local policy measures. The long-term success of these efforts will depend on structural reforms that encourage service sector innovation, improve consumer confidence, and broaden market access for service providers across key metropolitan regions.