中信证券：扩大服务消费的韩国经验与中国启示

Core Viewpoint - The article emphasizes that South Korea's experience in expanding service consumption over the past three decades provides valuable lessons for China, particularly in enhancing domestic demand and service sector growth [2][14]. Demand Side Summary - The South Korean government has established a social security safety net and gradually reduced standard working hours, which has positively influenced service consumption [8][14]. - The labor distribution rate in South Korea decreased in the late 1990s, leading to reforms that expanded social welfare coverage, thereby reducing the household precautionary savings motive and promoting service consumption [8]. - The introduction of a five-day workweek has increased leisure spending, although the prevalence of overtime work may limit the effectiveness of this policy on service consumption [8][11]. Supply Side Summary - South Korea's "Cultural Nation" strategy initiated in 1998 has significantly boosted the domestic cultural industry and global "Korean Wave," enhancing service consumption demand [12]. - Systematic improvements in the business environment for the service industry have been made since the early 2000s, focusing on market-oriented reforms in taxation, finance, and corporate burdens, which have supported sustained growth in service consumption [12]. Recommendations for China - China should enhance its social security system to support consumer confidence and convert savings into service consumption growth [14]. - It is essential to implement labor rights for rest and encourage consumer participation to prevent excessive overtime from encroaching on leisure time [14]. - Increasing the share of resident income in national income distribution and labor remuneration in primary distribution is crucial for stabilizing income expectations and promoting a healthy household financial cycle [14]. - On the supply side, China needs to accelerate the expansion and quality improvement of the service sector and develop distinctive local industries to foster new growth points in service consumption [14].