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China focuses on growing services sector | Updated: 2013-05-30 14:48


China is already a manufacturing powerhouse, but is moving to focus more on its services sector. At the ongoing China International Fair for Trade in Services, a declaration is signed Wednesday to emphasize the importance of the services industry.

Kerlijine Stessens is a bamboo products sales manager from Holland. It's her first time at the fair held in Beijing. She hopes to let more Chinese know the power of creative ideas -- turning bamboo into bikes.

She said, "From exporting products to exporting services, the line between the two are innovations and creative ideas. Kerlijine says she hopes more Chinese bamboo growers could come up with innovative ideas, so China's advantages in planting can contribute more to the economy."

While bamboo may take years to harvest, the contribution of the services industry to the economy is direct and immediate.

Guan Jinghe, deputy director of Beijing bureau of Internationl Labor Org, said, "Our research shows that services industry greatly boosts employment. China's urbanization and modernization will drive a huge amount of labour from rural to urban areas. It's the services sector that will offer them good opportunities. But those chances will not come automatically, they need government policy support."

One way China's supporting the services sector is lower taxes, through the VAT tax reform pilot for service industries.

The United Nations Conference on Trade and Development expects the service industry to help lift the world economy.

China's services sector grew 8.3% in the first quarter. It now makes up for 48% of China's GDP, up from 43% three years ago.

China focuses on growing services sector
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