Shanghai improves service sector

Shanghai is looking into promoting all around and high quality development of the service center.

The said segment reportedly has accounted for more than 40% of the city’s gross domestic product and Shanghai is aiming to see the value-added output of knowledge-intensive services.

The government and the city party committee introduced measures to achieve the goal.

The service sector is dominated by the accounting field. Moreover, fixed asset investment is doing well at the same time.

More than 80% of economic growth can be attributed to the service sector while 90% of the city’s overall use of investment is a factor in the paid in amount of foreign direct investment.

Party secretary Li Qiang reveals that the service sector is an indispensable force in the economic and social development of Shanghai. It has also become an important model of the city’s economic vitality.

By 2025, Shanghai is aiming to cover the level of competency, industry structure, quality and efficiency, momentum, layout and competitiveness of the service sector. .

Li emphasized that the productive industry should contribute more than 67% of the city’s total value-added output of the service sector. Moreover 15 demonstration areas with distinctive features, high-end formats, outstanding proficiency and integrated functions.

The measures will also ensure that Shanghai will improve government services and create a sound development environment. The service sector remains to be an important driving force for Shanghai’s economic and social development

Li is optimistic about their goal to learn from the best and develop the city as a competitive metropolis based on the service economy.