Market confidence and spending make recovery

Shanxi's service industry is showing steady growth for the first half of this year, which reflects improving confidence in the consumer market.

According to the Shanxi Statistics Bureau, the incremental value of the service industry increased 5.7 percent year-on-year in the first six months of this year. The rate represented a 0.8 percentage point increase from the first quarter.

In the service industry, the retail of consumer goods is something highlighted by governments and residents because of its crucial role in driving local growth.

In the first six months, the retail volume of consumer goods rose 5.7 percent to 308.78 billion yuan ($42.21 billion), showing residents' spending power is recovering.

In terms of market segments, retail sales of intelligent wearable devices showed the highest increase with a rate of 63.3 percent. This is followed by sales of new energy vehicles, which increased 55.7 percent.

An official at the Shanxi Department of Commerce said the growth in the retail sector can be partially attributed to the government's stimulus measures.

The incentives include offering subsidies to consumers when buying large-sized commodities like automobiles, as well as organizing promotional events for suppliers and dealers.

Tourism is the fastest-growing sector in the service industry. The Shanxi Statistic Bureau's data showed that the province's major tourist destinations received more than 38.53 million visits during the first six months, an increase of 1.8 times from the same period of 2022. Their business revenue reached 2.12 billion yuan, multiplying 2.9 times.

An official at the Shanxi Department of Culture and Tourism said such an increase was associated with the deep integration of culture and tourism sectors in Shanxi.

"This year, we have created a great number of shows and events to promote the millennia-long history and culture of Shanxi, telling the vivid stories behind many attractions," the official said.

The events were broadcast through nationwide TV networks and livestreaming platforms, helping to win customers' recognition.

Yan Jie and Zhang Ting contributed to this story.