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China wants to boost service sector

China wants to boost service sector
AFP
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First Published: Thu, Apr 26 2007. 09 58 AM IST
Updated: Thu, Apr 26 2007. 09 58 AM IST
Beijing: China hopes to reverse a recent downturn in the services sector as a share of the overall economy, the nation’s top planning agency said on 26 April.
The service sector, which consumes relatively little energy, has dropped from 40.7% of the gross domestic product in 2004 to 39.5% last year, the National Development and Reform Commission told a briefing.
The commission aims to stop the decline and has set a target for the service sector, also a major absorber of redundant labour, to account for 42.9% of the overall economy by 2010, it said.
It said the decline, along with a corresponding rise in the share of the manufacturing and construction, would result in a rise in energy consumption per unit of gross domestic product.
This is in direct conflict with a five-year plan China has set for itself to improve energy efficiency by 20% by the end of the decade.
In an analysis of the economic performance so far this year, the commission criticised local government for paying too little attention to the service sector.
“Some local governments... pay too much attention to the development of manufacturing industry, and in particular heavy industry,” said the analysis, posted on the commission’s website.
“Their policies do not provide sufficient support for the development of service industries.”
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First Published: Thu, Apr 26 2007. 09 58 AM IST
More Topics: International News | Asia |