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Services more than half of China 2015 GDP

Updated: Jan 19,2016 10:56 AM     Xinhua

China’s service sector contributed 50.5 percent to the country’s GDP in 2015, up from 48.1 percent in 2014, official data showed on Jan 19.

The ratio, which has continued growing over the last two decades,exceeded 50 percent for the first time, indicating China’s economic restructuring has made progress, according to the National Bureau of Statistics (NBS).

Factory contribution to the GDP was 10 percent lower than services as the Chinese government tried to shift from investment powered growth to innovation led expansion.

The value added in the services sector increased 8.3 percent year on year to 34.2 trillion yuan ($5.3 trillion), while growth was 3.9 percent for the primary sector and 6 percent for the secondary.

End-user consumption made up 66.4 percent of China’s full-year GDP of 67.7 trillion yuan, which expanded 6.9 percent in 2015.