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Chinese vice premier urges accelerating development of service industry

(Xinhua)

14:01, September 24, 2011

Chinese Vice Premier Li Keqiang (C), who is also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, presides over a meeting to discuss the draft of the 12th Five-Year Plan for service industry, in Beijing, capital of China, Sept. 22, 2011. (Xinhua/Liu Jiansheng)

BEIJING, Sept. 23 (Xinhua) -- Vice Premier Li Keqiang said China should boost the development of service industry in order to allow it to play a bigger role in restructuring the country's economy.

The service industry is the country's largest provider of jobs and has the greatest potential for boosting domestic spending in comparison with industrial industries, Li said Thursday while attending a meeting to discuss the draft of a new five-year plan for the industry.

Speaking about the country's tertiary industries, Li said that they are falling behind other sectors and deserve more efforts to boost their development. Logistics, consulting, e-commerce and healthcare should be focused on in particular.

Between 2005 and 2010, China's service industry grew at an annual rate of 11.9 percent. However, the industry's rate of job creation, as well as its value-added growth, failed to meet the government's targets for the period, he said.

The value-added figure of service industry accounts for 43 percent of China's gross domestic product (GDP), in comparison with about 70 percent in developed nations, the vice premier noted.


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