China Shifts Stimulus to Services: Chongli Ski Boom Highlights Policy and Risk

Beijing is shifting stimulus from industrial and infrastructure to services, seeking to unlock lagging domestic demand through state-led investments. Chongli, a ski resort complex north of Beijing, exemplifies the strategy: post-pandemic access and Olympic-era infrastructure spurred a second consecutive profitable year for Wanlong, now drawing 600,000 visitors and supporting local incomes. Local governments are expanding winter sports, night-time economies, yachting, medical tourism, and education, health, and elderly care, projecting the “ice and snow” industry to grow from 1 trillion to 1.5 trillion yuan ($217 billion) by 2030. However, analysts caution that supply-side expansion can lead to overcapacity and underutilization if not balanced by income growth and private-sector participation. China’s per-capita services consumption stood at 46.1% in 2025, well below the U.S. level of 70%, and growth in Chongli averaged 6.5% over the past five years, outpacing the national average. Income growth remains uneven, with some localities cutting pay and social media seeing hashtags like “poor people skiing,” signaling potential growth risks if the service-sector focus is not complemented by broader policies to boost consumption.