Chinese Premier Wen Jiabao said Wednesday that the service sector should take a leading role in the national economy by creating more jobs and promote healthy development by reducing pollution and saving energy.

The government discussed the service sector and futures trading at an executive meeting of the State Council presided over by Premier Wen on Wednesday.

China will open the service sector to foreign competition. Private capital will be encouraged to invest in the sector, according to the meeting.

Economically developed areas should set up regional logistics hubs, while central and western regions can leverage their traditional strengths to improve resource allocation.

The country should build more infrastructure to beef up services in underdeveloped rural areas.

The government vowed to launch favorable policies on various fronts including tax and land, and to structure the market.

The draft rules on futures trading management approved by the meeting expanded the scope from commodity futures to financial and stock option business.

Source:Xinhua