海外宏观｜扩大服务消费的韩国经验与中国启示

Core Insights - South Korea has experienced steady expansion in total consumption and an increase in the share of service consumption over the past thirty years, driven by government reforms at the turn of the century, which provide valuable lessons for China [3][21][22]. Demand-Side Analysis - The South Korean government has established a social security safety net and gradually reduced standard working hours, which has positively impacted service consumption [9][27]. - The labor distribution rate in South Korea declined in the late 1990s, leading to reforms in the social security system that expanded coverage and reduced the household precautionary savings motive, thus promoting service consumption [9][27]. - The implementation of a five-day workweek has increased leisure spending, although the prevalence of overtime work may limit the effectiveness of reduced working hours on service consumption [9][27]. Supply-Side Analysis - South Korea's "Cultural Nation" strategy, initiated in 1998, has fostered the development of the cultural industry, enhancing domestic demand for entertainment and culture while also promoting the global "Korean Wave" [13][32]. - Regulatory reforms since the early 2000s have shifted from heavy intervention to a market-oriented system, improving the business environment for service trade, which has been crucial for sustained growth in service consumption [13][32]. Recommendations for China - China has the potential to expand service consumption through improved social security systems, ensuring workers' rights to rest, and increasing household income [15][34]. - On the supply side, China should enhance service industry capacity and quality, encourage the development of local特色产业, and establish a high-level socialist market economy to unleash market vitality in the service sector [15][34].