Services industry contributes 54.1% to China in H1
Staff Writer |
The increasing share of the services sector in China's GDP shows that the transition to a services- and consumption-driven growth model continues to strengthen, the National Bureau of Statistics indicated.
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The country's GDP grew 6.7 percent year-on-year in the second quarter of this year, still within the government's targeted range of between 6.5 percent and 7 percent for the year.
"The nation's economic restructuring continues to improve and the services sector has been playing a greater part in fuelling growth," said NBS spokesman Sheng Laiyun.
Sheng attributed the accelerating development of the services sector to higher demand for services, coupled with the upgrading process of industries. Consumers' higher demand for better services had already become a key element of the economic rebalancing.
"The greater role the services sector has played in the economic growth is quite natural when the economy has entered a state of new normal," Sheng said. New normal means an economic pattern featuring slower but quality growth.
The services sector expanded 7.5 percent in the first half of the year, compared with the same period last year.
That compared with the primary industry that grew 3.1 percent for the same period and the secondary industry, which expanded 6.1 percent in the first half.
The added value by the tertiary sector accounted for 54.1 percent of GDP in the first half, which was 1.8 percentage points higher than the same period of last year, and 14.7 percentage points higher than that of the manufacturing industry, data from NBS showed.
By the end of June, outstanding loans in the services sector increased by 12.4 percent compared with the same period a year earlier, data from the central bank showed. ■
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