Alibaba, Grab, Tencent, Meituan Gear Up For Growth As China Bets On Services To Revive Economy

China’s Minister of Commerce on Tuesday stated at the Third Session of the 14th National People’s Congress that consumption remains the primary driver of economic growth. Service consumption has maintained positive momentum, emerging as a new growth engine in overall consumption. Benchmark analyst Fawne Jiang noted that in 2024, the biggest highlight in consumption was the “trade-in” policy, which has generated new momentum, driving industrial upgrades and transformation.Also Read: Alibaba Unveils New AI Ch ...