Service industry delivers growth on back of IT, financial sector

China's service industry has gradually recovered in 2020, with modern services such as information technology and the financial sector maintaining good growth momentum, according to the National Bureau of Statistics.

The NBS said on Monday that despite the challenges of the COVID-19 pandemic, China's service industry has recovered gradually. The output of the information transmission, software and information technology service industry grew by 16.9 percent in 2020, and the growth for the financial industry was 7 percent.

In the fourth quarter of 2020, the Index of Services Production, a comprehensive index designed by the NBS to evaluate service sector development, increased by 7.7 percent year-on-year, 3.4 percentage points faster than the third quarter.