China to focus on services sector to aid consumption

China announced measures to stimulate domestic demand by promoting the consumption of services such as sports and entertainment, the latest attempt to help an economy grappling with slower growth.

The plan, issued on Tuesday by the Ministry of Commerce along with several other departments, doesn't introduce more funding or subsidies for the services sector. But the 19 measures it outlines indicate the government will use its budget to develop the necessary infrastructure and guide banks to lend more to services providers along with consumers.

The effort builds on Beijing's attempts in recent months to overcome an imbalance afflicting the world's second-biggest economy between industrial production and consumer spending.


As part of the new initiative, China will extend the operating hours of museums and tourist sites, host more sporting events, and allow more firms to enter such industries as high-end medical care, according to a plan published by the state broadcaster CCTV.