IT, service key to quality growth

China's economy has reached a new phase of transformation, and now focuses on high-quality development instead of following the high-speed growth model. This transformation and upgrading of the Chinese economy will benefit both China and the world.

A strong driving force of China's economic transformation is the fast-developing digital technology, which has facilitated innovations in the traditional manufacturing industry, and helped create new innovation-oriented industries. For instance, the information technology industry is expected to reach 12 trillion yuan ($1.81 trillion) in value and e-commerce about 67 trillion yuan in volume by 2025. Which means innovation-oriented transformation of the emerging industry will ensure lower but sustainable and high-quality economic development that will provide a big and profitable market for the world.

The service sector has been playing an increasingly important role in China's economic transformation, with a significant increase in the proportion of service in the economy. According to the National Bureau of Statistics' estimate, the service sector will account for nearly 60 percent of China's industry in 2020, and the scale of the service sector will increase from 33 trillion yuan last year to 50 trillion yuan.