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1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:The Hongkong and Shanghai Banking Corporation Limited View HSBC Global Investment Research at:https:/ Listen

2、 to our insightsFind out moreHSBCGlobal InvestmentResearchPodcasts Consumption a key focus as China will introduce services consumption policies in September China is planning to cut steel production over 2025 and 2026,with more anti-involution plans likely in the pipeline Policies to stabilise the

3、property sector will come through high-quality urban development;SCO summit deepens global ties Consumption:Summer holidays lift service demand with more policies coming Strong travel demand during the summer holidays drove cultural,tourism,and other service-related spending.From 1 July to 31 August

4、,cross-regional passenger trips reached 11.7 billion,up 7%y-o-y,with individual trips accounting for c70%of the total.Local governments issued tailored policies to stimulate service consumption over July and August,with approximately 39,000 cultural and tourism events and over RMB570mn in consumptio

5、n subsidies(Securities Times,1 September).The increased activity was reflected in the higher services PMI of 50.5 in August,the highest level this year(China NBS PMI,31 August).There will be more tailwinds coming.The Ministry of Commerce noted that it would issue a services consumption plan in Septe

6、mber(stcn,27 August).With Chinas services sector at a smaller share of GDP relative to developed economies(18%vs closer to 30%or more),we see more potential to expand services consumption to drive consumption growth.The emphasis will likely be on a combination of discretionary and basic services.Rec