China sets overall objective for service industries

Within a period of time in future, the Chinese government's overall objective in service industries are: a continued rise of ratio of value added in service industries to Gross Domestic Product (GDP), a constantly enhanced absorption of employees, continually improved internal structure, industry quality and competitiveness.

This is learned from Ou Xinqian, deputy director of National Development and Reform Commission (NDRC), on June 28, before the opening of the first China International Service Industries Convention and Expo to be opened on June 30.

Since the reform and opening-up two decades ago, China's service industries have made much headway with a value added increased from 86.1 billion yuan in 1978 to 3,766.9 billion yuan in 2003. Calculated by comparable price, the annual average growth rate has exceeded 10 percent. And value added per capita in service industries has increased from 89 to 2, 915 yuan.

The rapid development of service industries played an important role in expanding employment, transforming the means of economic growth, easing the restriction by resources and environment and pushing up the industry's competitiveness. However, China's service industry still falls behind because of first, small proportion, second, irrational structure and third, inferiority in competitiveness.

The symposium jointly sponsored by NDRC, Ministry of Commerce (MOC), China Banking Regulatory Commission (CBRC) and Beijing municipal government will actively help promote the opening-up of China's service industries to the outside world, showcase the latest international development and technologies in the field, and enhance related exchanges and cooperation.

By People's Daily Online