Core Insights - During the "14th Five-Year Plan" period, service consumption in China is experiencing rapid growth, with an average annual increase of 9.6% in resident service consumption expenditure from 2020 to 2024 [1] Group 1: Economic Impact - Expanding service consumption is a crucial strategy for boosting overall consumption and domestic demand, which is essential for enhancing the well-being of the population and meeting their needs for a better life [1] Group 2: Market Potential - The market potential for service consumption is vast due to the continuous release of market potential, ongoing upgrades in consumption structure, and accelerated industrial development [1] - China has the largest middle-income group globally, indicating significant market space and growth potential, particularly in sectors like elderly care, childcare, and healthcare services [1] Group 3: New Demand Drivers - The acceleration of new urbanization is leading to an influx of rural populations into cities, creating new demands in education, training, cultural entertainment, and residential services [1] - The application of new technologies such as mobile payments, IoT, big data, artificial intelligence, and virtual reality in the service sector is injecting new vitality into the expansion of service consumption [1]