[Ministry of Commerce: Service consumption is expected to grow faster than goods consumption in the future] On October 22, Yang Mu, Director of the Department of Market Operation and Consumption Promotion of the Ministry of Commerce, said at a press conference of the State Council Information Office that China’s per capita GDP will be close to US$14,000 in 2025, and is in a critical transition period as consumer demand shifts from basic goods to services. Currently, the demand for services such as entertainment, tourism, performances, and events is strong, which has become a new growth driver for consumption. In the first three quarters of this year, service retail sales increased by 5% year-on-year, 4 percentage points higher than the retail sales of goods. It is expected that the growth rate of goods consumption will maintain steady growth in the future, and the growth rate of service consumption will still be faster than that of goods consumption.