China's fast developing service industry needs further boost: report

08:09, December 23, 2010      

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China's service industry experienced rapid growth from 2006 to 2010, but it still lags behind the country's overall development, a work report on China's service industry has said.

"Despite fast growth in the 11th five-year period, the overall development of our country's service industry is still lagging behind and couldn't meet the demand of the country's economic and social development," said Zhang Ping, director of the National Development and Reform Commission.

Zhang made the remarks Wednesday while delivering a report on boosting the development of the service industry to the Standing Committee of the 11th National People's Congress (NPC) that runs from Dec. 20 to 25.

The report was referred to the NPC Standing Committee for review.

Figures from the report show that the added value output of China's service sector reached 14.8 trillion yuan (2.23 trillion U.S. dollars) in 2009, a doubling in revenues compared with the 7.3 trillion in 2005.

The industry also generated many jobs, as 270 million people were employed in the sector last year, up 28.32 million compared with 2005.

Zhang said the service sector played a prominent role in relieving the job market amid the financial crisis, citing that 8.86 million people found their first jobs or switched into the service sector in 2009.

However, Zhang warned that the ratio of the service sector output among the country's GDP was still comparatively low and the industry's ability to compete internationally was weak.

Zhang attributed the situation to "deep-rooted issues" such as extensive development, slow structural adjustment, outdated industrial systems and inadequate policy support, among others.

According to the report, the service industry will be a key focus in the country's efforts to improve and upgrade industrial structures for the next five-year period (2011-2015).

The report also urged the creation of a favorable policy and system environment for the development of the country's service industry.

Source: Xinhua
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