Service sector logs 10% annual growth rate

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Service sector logs 10% annual growth rate
BEIJING - China's service sector has grown at an average annual rate of over 10% in the past 27 years since China adopted the reform and opening-up policy, higher than Gross Domestic Product (GDP) growth, said Ou Xinqian, Vice Minister of the National Development and Reform Commission (NDRC), at the 2006 China Economic Summit.
Since 1978, China's service sector has grown rapidly and is playing an increasingly important role in economic and social development. The proportion of the service sector in GDP has increased from 23.7% in 1978 to 40.3% in 2005; and the number of employees in the sector has increased from less than 50 million in 1978 to 230 million in 2005. The proportion of employment in the sector to total employment has increased from 12.2% to 31.3%.
The development targets of China's service industry are: by 2010, the proportion of added value of the sector in GDP is forecast to increase by three percentage points over 2005; the proportion of total employment it provides is expected to increase by four percentage points; the structure of the sector will improve; and a number of service enterprises with independent intellectual property rights and famous brands and strong competitiveness will take shape.
(Asia Pulse/XIC)