China to speed up service sector development

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Developing the service sector is a strategic priority in the country's optimization² and upgrading of its industrial structure, said a statement released after an executive meeting of the State Council presided over by Premier³ Wen Jiabao.

The country will make more efforts to raise the sector's value in the economy, lift the sector's development level, improve the quality and efficiency of public services and strengthen the sector's role in generating more jobs, the statement said.

Officials attending the meeting agreed on speeding up development in more specific sectors⁴ oriented toward boosting the industrial upgrade and agricultural modernization⁵. These sectors include finance, transport, telecommunications, technological⁶ support, project consultation⁷, human resources and environmental protection, according to the statement.

Sectors catering⁸ to the multi-level and varied⁹ needs of the public should be greatly promoted. They include goods trade, family services, legal consultations¹⁰, sports and real estate services, the statement said.

The country will also push for further opening-up in the service sector by promoting service exports and attracting more overseas investment. Meanwhile, the country will expand international exchanges and cooperation in the sector, and further cooperation with Hong Kong, Macao and Taiwan, the statement said.

It said the government will relax controls on market access to the service sector and encourage the investment of various kinds of capital.

Furthermore, the State Council has underscored sectors as key areas in which the nation will make great efforts to promote, including modern logistics, high-tech¹¹ services, culture, e-commerce, tourism, design consultation, health issues and elderly care, services targeted at the countryside and oceanic services, the statement said.

The statement said the service sector provided 34.6 percent of jobs in China in 2010. From 2005 to 2010, the sector created 5.79 million new jobs on average annually¹².

The State Council has outlined the major tasks over the next few years because the development of the nation's service sector remains¹³ low and is not as competitive as the sector's international peers, according to the statement.

Government data shows that China's tertiary industry accounted for 43.1 percent of the country's GDP in 2011, up from 40 percent in 2005.

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