Li Keqiang: To accelerate the development of service industries to contribute to China’s economic growth

Li Keqiang To accelerate the development of service industries1

May 29 morning, the second session of the China Beijing International Service Trade Fair & Beijing Summit of Global Service Trade Forum were held. Premier Li Keqiang delivered a keynote speech at the opening ceremony.

He said that “with the reform and opening up, China’s service industry continued to develop; the increase value of service industry has exceeded other industries, employment population under service sector is larger more than that of agriculture. But despite the significant achievements made by China’s service industry, it is also important to recognize the lagged behind development of China’s service industry. Value created by service sector currently accounted for only 44.6% of the total GDP according to last year’s data. For a period of time, the proportion of employment in service industry accounted for only 36% of the entire weight. There is still large difference between the developed countries and China in term of service industry development. China has 1.3 billion population, demand for services is huge, in contrast some service supply is limited, especially in certain areas. So the development of service industry has a very important significance for the promotion of sustainable and healthy development of China’s economy.


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