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Economy

China's service sector rebounds amid epidemic

May 07, 2020


Abstract : China's service industry is bouncing back rapidly with the remission of the COVID-19 epidemic, and high-quality development of the sector has become a policy focus, reported Economic Information Daily Thursday.

BEIJING, May 7 (Xinhua) -- China's service industry is bouncing back rapidly with the remission of the COVID-19 epidemic, and high-quality development of the sector has become a policy focus, reported Economic Information Daily Thursday.

Fields like business services, catering and tourism which have been severely affected by the epidemic all saw significant growth during the May Day holiday, with catering and tourism in some provinces and cities returning to 90-odd percent and 80-odd percent respectively of their normal levels, said the report.

China's local governments have recently rolled out multiple measures to push up high-quality development of the service sector, especially the emerging service industries.

North China's Hebei Province recently issued an document to prioritize high-quality development of the service industry with focus on modern logistics, financial services, tourism and leisure, health care, industrial design, cultural creativity and other emerging service industries.

It plans to raise the proportion of the added value of the service industry to above 53 percent by 2025, with the operating income of high-tech services accounting for about 45 percent of that of the service industry above designated size.

Beijing, Shanghai, Shandong, Jiangsu, Fujian and Inner Mongolia also introduced policies to foster development of emerging service industries.

The development of the service sector plays a crucial role in driving economic growth and employment, and consumption upgrading, technological progress, new urbanization and industrial restructuring have driven the high-quality development of the service sector a necessity, said insiders. (Edited by Gu Shanshan with Xinhua Silk Road, gushanshan.1987@163.com)

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Keyword: high-quality development China service industry

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