By Liu Tao, Research Institute of Market Economy of DRC

Research Report No 183, 2015 (Total 4868)

Abstract:

During the 12th Five-Year Plan period, China's service industry has made a series of achievements and breakthroughs. For example, service industry has become the largest industry of national economy, new service trades and programs have kept emerging, and the scale of service trade has reached the second place in the world rankings. However, service industry has a structural imbalance and its efficient supply ability is inadequate; labor productivity is lower than secondary industry and the growth rate has slowed down; unfavorable trade balance continues to increase; and consequently China is expected to open wider to the outside world. During the 13th Five-Year Plan period, China should take an approach in line with the new normal of economic development, focus on improving the scale and efficiency of service industry development, take deepened reform and expanded opening-up as driving forces, and promote the clustered development of megacities' service industries. In addition, China should, with Internet Plus real economy as the goal, facilitate innovation-oriented, coordinated, green and open service industry development to a higher level with a fair sharing of economic benefits, and keep reinforcing the supportive and leading role of service industry to economic transformation, improvement of people's livelihood, as well as state power.

Key words: service industry, 13th Five-Year Plan, development approaches, development goals