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China's service sector shows resilience as policy push accelerates: official

China

China

China

China's service sector shows resilience as policy push accelerates: official

2026-09-29 11:49 Last Updated At:13:37

China's service sector continues to demonstrate robust momentum, with business activity expectations remaining in expansion territory for a fifth consecutive month, according to data released at a press conference held by the National Development and Reform Commission (NDRC) in Beijing on Tuesday.

The business activity expectations index for the service sector has stayed above 55 percent since April, signaling sustained optimism among service providers, according to the NDRC.

The sector's contribution to economic growth reached 66.1 percent in the first half of 2026, up 5.9 percentage points from the same period last year, underscoring its role as a primary engine of China's economic expansion.

"The development of the service sector has shown a positive momentum characterized by heightened policy expectations, strong market confidence, resilient consumption, and vibrant openness," said Li Chunfang, deputy director of the NDRC's Industrial Development Department, at the press conference.

The strong performance follows the first-ever national service sector conference held in April 2026, which set the stage for a comprehensive push to expand and upgrade the industry. The NDRC, working with 40 government departments, has identified 131 key tasks for 2026 and 2027. Over the past six months, 81 supporting measures have been introduced, with more than 60 percent of the priority tasks reporting significant progress.

At the provincial level, 27 regions have convened their own service sector conferences and issued implementation documents aimed at improving service quality and capacity. The coordinated effort reflects what officials describe as a "policy combination punch" designed to sustain the growth momentum.

China's service sector shows resilience as policy push accelerates: official

China's service sector shows resilience as policy push accelerates: official

Russian President Vladimir Putin signed a presidential decree on Monday extending the deadline for the mandatory ruble settlement mechanism for natural gas trade from the originally scheduled October 1, 2026 to April 1, 2027.

Under the ruble settlement rule, foreign buyers are required to deposit rubles into the Russian bank accounts of Russian suppliers in order to complete payment.

Putin extends ruble payment requirement for foreign gas buyers to April 1 of 2027

Putin extends ruble payment requirement for foreign gas buyers to April 1 of 2027

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