China's Service Industry to Attract More Investment

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Last updated at: (Beijing Time) Sunday, November 03, 2002

China's Service Industry to Attract More Investment

China's service industries are set to become a major attraction for investment while maintaining fast growth, a leading economist predicts.

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China's service industries are set to become a major attraction for investment while maintaining fast growth, a leading economist predicts.

Lu Baifu, deputy director of the Development Research Center ofthe State Council, said the service sector required a large amountof capital and technology to renovate traditional industries and develop new industries such as information technology.

Lu, who advised on major national economic policies, said the service sector, including telecommunications, construction, finance, tourism, transport, education, health, environment, culture and entertainment, would attract more funding after infrastructure construction.

In a speech to a forum on service investment and opening-up in east China's Zhejiang province, Lu said the service sector had entered a new era after China's accession to the World Trade Organization last year, when China promised to open the sector up.

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