Service Industry Has Become a New Engine for Driving Economic Development
Source: RenMinRiBao View: 262 Date: 2015-06-15

Under “New Normal”, China’s economy has stepped into the high-speed growth period and the service industry also has successful achievements. The the growth rate of added value of service industry has increased 7.9% in the first quarter of 2015 which higher than the total increased amount in China. The added value of service industry accounts for more than half of gross domestic product and reached 51.6% which is the highest number in history.

According to data from National Bureau of Statistics of China, productive service industry is the main power to drive service industries above scale to increase revenue. For example of express business, the increasing speed of express business amount has been 42.3% in January to April, and the business revenue has increased 32.7% at the same time. Besides that, high-technology service industry also has higher increasing revenue speed. For examples of internet and relative service companies, business revenue of companies above scale has increased 24% year-on-year in the first quarter of 2015; the profit also has increased 18.3% y-o-y at the same time. Meanwhile, science & technology service enterprises speeds up development. Business revenue of research and test development industries have increased 15.7% in the first quarter of 2015 year-on-year; and business revenue of science & technology promotion and application service industries have increased 10% in the first quarter of 2015.

The prosperity of service industry at same time promotes transformation and upgradation of traditional industries. According to introduction, now high-tech service industry has integrated into each part of traditional industry. Among them, the integration of information and manufacturing technology constantly promotes manufacturing to be intelligent & flexible; the new industries integrated between creative design, energy saving service, remote diagnosis, remote technology support, systematic process service, equipment life circle management service, online industries and manufacturing also provide support for traditional industry transformation.

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