China Doubles Down on Policy Drive to Boost Service Spending

China has launched a broad new initiative to boost spending on services, unveiling a raft of measures aimed at stimulating domestic demand and encouraging spending by foreign visitors.

The plan, detailed in a 19-point policy document released Tuesday by nine government departments including the Ministry of Commerce, seeks to expand and upgrade services in areas such as culture, sports, tourism, and healthcare. At a Wednesday press conference, the ministry also announced that it would select around 50 cities to pilot new consumption formats and another 15 to focus on expanding inbound consumption.