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Service sector seen at 72% of GDP

China should promote the development of the service sector, which will account for 72 percent of the GDP by 2030, according to a government think tank report issued on Wednesday. The Chinese economy has entered a new period in which development is led by the service sector. Yet the sector is still plagued by weak competitiveness and an unbalanced industrial structure, according to the National Academy of Economic Strategy. China's service sector exceeded the industrial sector for the first time in 2013, reaching 46.1 percent of its GDP and signaling an improved economic structure. The proportion rose to 51.6 percent last year.

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