Services, reform key to growth despite risks

China still has enormous potential for economic growth through the services sector, and is capable of curbing financial risks like the debt of State-owned enterprises and local governments, a senior official said.

Xu Zhong, head of research at the People's Bank of China, made the remarks at a seminar at the Counsellors' Office of the State Council on April 26.

Rich potential exists for China's economic upgrade and growth via three major areas: the ongoing urbanization process, rural revitalization and the services sector, Xu said.