Markets gain momentum with fresh govt initiatives

Chinese authorities and businesses are rolling out innovative measures to boost domestic consumption as part of nationwide efforts to stimulate economic growth.

In Chongqing, a district Party secretary recently made a public gesture to encourage spending by dining out at a local restaurant, where he spent 1,100 yuan ($153) hosting two tables of guests. He emphasized the importance of leading by example to boost consumption.

The move aligns with broader national campaigns targeting the summer vacation period. On Monday, China launched the national summer cultural and tourism consumption season in Qingdao, Shandong province, a two-month campaign featuring more than 39,000 events across the country, backed by over 570 million yuan in subsidies and discounts.

From coastal retreats and science camps to night markets and cultural festivals, the campaign aims to spur domestic spending amid economic headwinds.

Zhang Menghong, a tourist from Hainan province, took her son to Qingdao for a seven-day holiday last week.

"My son was thrilled by the magical night at Qingdao Polar Ocean Park, where he got to set up camp in the glass tunnel aquarium surrounded by gliding marine creatures — an unforgettable adventure," Zhang said.

"Various programs across a wide range of sectors are designed for tourists, such as the field-study program and the beer festival," she added.

Innovative approaches are emerging across sectors to stimulate spending. In Qingdao, the Institute of Oceanology at the Chinese Academy of Sciences has transformed complex marine research into popular public exhibits.

Its underwater robot exhibition, fully booked through July, allows young visitors to operate miniature robotic devices while learning about ocean science.

"These interactive experiences make advanced research accessible while stimulating educational tourism," said Zhao Bo, general manager of the institute's Yinxiang Technology and Culture Co.

Public transportation is also joining the effort. In Changsha, Hunan province, the W109 bus route has installed smart vending machines equipped with conveyor belts, allowing passengers to collect purchases without leaving their seats.

Shanghai and Beijing have launched nightlife initiatives to attract crowds with extended evening entertainment options.

Subsidies are expanding beyond retail and tourism. In Hainan province, families with children under age 4 are receiving monthly child care vouchers ranging from 200 to 600 yuan, signaling a shift toward easing household financial pressures alongside traditional spending incentives.

Experts say that amid external economic uncertainties, domestic consumption has become the cornerstone of China's stable economic growth, with service consumption holding significant potential to drive expansion.

Jin Keyu, a professor at the Hong Kong University of Science and Technology, said at the recent World Economic Forum that China will not become a wealthy country without massive consumption.

"Service consumption, spanning sectors such as catering, accommodation, domestic services, elderly and child care, entertainment, tourism, education, sports, housing services and healthcare serves as a vital bridge between economic growth and people's livelihoods," Commerce Minister Wang Wentao said in an article published in April.

"Expanding service consumption carries both immediate significance and long-term strategic importance," he said.

Service consumption accounted for 46.1 percent of China's per capita consumer spending last year, indicating significant growth potential compared with developed countries, according to Wang.