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Services lead China’s growth

Updated: Feb 16,2018 4:44 PM     Xinhua

BEIJING — Services took a leading role in China’s economic growth, according to data released by the National Bureau of Statistics (NBS).

Value-added in the service sector grew 8.2 percent in 2017 year-on-year, outstripping growth rate of the overall economic output and the secondary industries for the fifth year in a row.

The production index of the service industry grew by 8.2 percent in 2017, 0.1 percentage points faster from the previous year.

Sectors such as information transmission, software and leasing posted double-digit growth or close to that level.

Xu Jianyi, head of the service industry department of the NBS, said businesses were optimistic about the service sector.

China has rebalanced the economy from investment and trade to service and consumption.

The economy ended 2017 with growth of 6.9 percent, higher than 2016, the first increase in annual growth in seven years.