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Li Keqiang: Turning the Service Industry into an Economic Growth Engine

People’s Daily recently reported that new Chinese Premier Li Keqiang delivered a speech at The Second Beijing International Services Forum and Trade Fair & The Beijing Global Services Summit. In his speech, Li pointed out that the service industry is playing a more and more important role in international development and cooperation. The employment volume in the Chinese service industry has surpassed that in agriculture. However the contribution this industry has made to the growth of China’s GDP is lower than in other developing countries. The Chinese government is determined to develop its service industry to become the key driving force of the sustainability of the Chinese economy. Li suggested that the service industry should play a much more important role in providing employment opportunities, pushing strategic economic structural adjustments, realizing the modernization of the country, and improving the socialist market mechanism. Li also suggested that his government will give priority to expanding international services, increasing international investments in the service industry, establishing a fair services trade market, and promoting free trade in this industry.
Source: People’s Daily, June 2, 2013