Having witnessed a decade of rapid growth, the service industry now needs looser market access requirements and lower operational costs as well as removal of some barriers left over from the planned economy era, experts said.

According to a recently published blue book of finance and economy, compared with other industries, the service industry, especially some new categories, is still suffering from high monopoly, which has rendered the industry difficult in self-development and creating more jobs.

"A critical measure to solve the problem is to build a transparent, standard and united market access mechanism by way of breaking monopoly, loosening market access limits and increasing transparency," said Xia Jiechang, an editor of the book.

He also considered it significant to encourage more private capital in more service industry fields.

The book said that it is necessary to reform the government approval system so that market has the final say in distributing resources and fair competition.

"Only in this way, can the government cultivate a favorable environment that would direct the industry to a healthy way," said Xia.

Source: Xinhua