It's a summer of content, services boom in Dalian

This year marked the second instance of my reporting on the high-profile Summer Davos Forum. The experience proved to be remarkable. Let me explain why.

The 15th Annual Meeting of the New Champions — the annual event's formal name — was held in Dalian from June 25 to 27. It brought together over 1,600 representatives from nearly 80 countries and regions. This year's theme was "New Frontiers for Growth".

The forum has been a melting pot of ideas and innovations, aimed at exploring new dynamics and paths to global economic growth.

The Summer Davos Forum has always been a hub for innovators and a stage for the collision of ideas. This year, the spotlight was on the Chinese economy, particularly the recovery of China's domestic demand and consumption. Against the backdrop of sluggish global economic recovery, these topics became the buzz phrases at the forum.

During the meeting, I had the privilege of witnessing and participating in numerous brainstorming sessions on economic hot spots and trending topics. There was more than just intellectual stimulation. I had the chance to immerse myself in the charm of Dalian, a beautiful coastal city that never ceases to amaze me.

Having visited Dalian over a decade ago for a memorable holiday, I was pleasantly surprised by the new attractions that have sprung up all across the city since then.

The Dalian Oriental Venice Water City, inspired by the Italian city of Venice, is a marvel. Walking through this area, with its winding waterways, European-style buildings, swaying gondolas and the pigeons from the clock tower of Dalian's St. Mark's Square, I felt transported to Europe. The ancient, romantic and mysterious essence of Venice, it seemed, has been seamlessly integrated into Dalian's natural landscape.

A gondola ride past hundreds of European-style castle-like buildings offered me a leisurely glimpse into the languid elegance of Dalian Donggang Business District. At the same time, the district is also hip and creative. It bustles with coffee shops, restaurants, pubs and cultural and creative stores, teeming with life and activity.

As night fell, Dalian's vibrancy didn't wane. I found popular seafood barbecue restaurants were packed with diners, with many waiting in line, creating a lively and warm atmosphere. All signs pointed to a consumer market that is "boiling hot", brimming with vitality and potential.

Data from the Ministry of Culture and Tourism showed the domestic tourism market saw stable growth during this year's Dragon Boat Festival holiday — a three-day break in early June, as domestic scenic spots received 110 million tourism visits over the holiday, up 6.3 percent year-on-year.

These visits generated about 40.35 billion yuan ($5.55 billion) in tourism expenses, which increased by 8.1 percent year-on-year, according to the ministry.

Zhu Min, former deputy managing director of the International Monetary Fund, said during the Summer Davos Forum that he noted a shift in consumption from people's needs in basic consumer goods like clothes and transportation to advanced consumption in services, including entertainment and tourism.

Data from the National Bureau of Statistics showed that despite the low growth of retail sales, a key measure of consumer spending, which stood at 3.7 percent year-on-year in the first half, retail sales of services registered relatively strong growth, expanding by 7.5 percent year-on-year.

Daniel Zipser, senior partner of global consultancy McKinsey & Co, said although China's consumption sector is in a "mid-single-digit growth" phase, the rate is still "remarkable" compared with other markets in the globe.

He said the recovery in the consumer services sector, including domestic and international tourism, food services, dining out and entertainment, is robust.

Zhu expressed confidence that China still has big potential to further spur domestic consumption, given the potential growth in consumption of services and the future development of the consumption sector.

"We need to focus on policy to spur service consumption and service development, such as reforms in the services sector, and expand opening-up in the services sector," he said.