Core Insights - The article emphasizes the importance of cultivating new growth points in service consumption, which is seen as having higher frequency, greater growth potential, and stronger employment generation compared to goods consumption [1][5][10] Group 1: Policy and Economic Context - The Central Political Bureau meeting highlighted the need to effectively release domestic demand potential, with a focus on service consumption as a key area for economic work in the second half of the year [1] - A report from Peking University indicates that by 2025, service consumption vouchers could leverage an additional 6.76 yuan for every 1 yuan of subsidy, potentially generating nearly 700 billion yuan in extra consumption [1][3] Group 2: Trends in Service Consumption - Data from the National Bureau of Statistics shows that service retail sales increased by 5.3% year-on-year in the first half of 2025, with a continuous rise in its share of total consumption [2][8] - The shift towards online service consumption is accelerating, becoming a key direction for expansion and upgrading, with innovative ecosystems playing a structural role [2][8] Group 3: Mechanisms for Stimulating Consumption - Digital platforms are breaking through traditional consumption stimulation challenges through three mechanisms: precise demand sensing, activation of multiplier effects, and addressing public service gaps [3][4] - The multiplier effect is evidenced by a 1:6.76 leverage ratio, where single-point subsidies trigger chain reactions in consumption, enhancing the overall economic impact [3][4] Group 4: Competitive Dynamics in Service Consumption - The article discusses how healthy competition among platforms is crucial for reshaping market boundaries, enabling the release of dormant demand and enhancing service accessibility across urban and rural areas [6][7] - The focus of competition is shifting towards cultural value and emotional experiences, moving service offerings from mere functionality to meaningful engagement [6][7] Group 5: Future Outlook for Service Consumption - Service consumption is projected to become a primary engine of national economic growth, with platforms expected to create 920 million new jobs from the anticipated 700 billion yuan consumption increase [9] - The service sector's contribution to GDP is currently at 56.7%, indicating significant room for growth compared to developed economies, positioning service consumption as a critical area for expanding domestic demand [8][9]