BEIJING — China aims to further open up its booming service sector to expand engagement in the global industrial chain and boost competitiveness.
The service sector is a priority in China’s opening-up progress, and the government will keep opening up the market while guarding against risks to national security, according to a blueprint for the sector’s development from 2017 to 2025 released by the National Development and Reform Commission (NDRC).
The service sector’s added value accounted for 51.6 percent of China’s total GDP last year, well below the average level of 57 percent among middle-income economies, let alone the 74-percent level for developed countries, according to Meng Wei, NDRC spokesperson.
The blueprint highlights reform efforts to unleash the sector’s vitality, including streamlining regulation, encouraging market competition and improving standardization, according to Meng.
China’s service sector continued to expand in May, with the Index of Services Production maintaining rapid growth of 8.1 percent year on year, while business activities expanded faster than April to reach 53.5 percent.