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December 3, 2019

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Shanghai targets service sector

Shanghai’s goal is to promote all-round and high-quality development of the service sector, aiming to see the value-added output of knowledge-intensive services account for more than 40 percent of the city’s gross domestic product.

At a conference yesterday, the city’s Party committee and the government introduced the measures to achieve that aim.

The development of the city’s service sector is in good shape, with the number of employees in the sector accounting for more than 60 percent of the total figure.

The added value of the service sector has accounted for more than 70 percent of GDP and contributed 70 percent of the city’s tax revenue. Fixed-asset investment in the service sector accounts for over 80 percent of the total.

The contribution of the service sector to economic growth has exceeded 80 percent, while the paid-in amount of foreign direct investment in the sector makes up nearly 90 percent of the city’s overall use of foreign investment.

“The service sector has become an indispensable force in the economic and social development of Shanghai and an important embodiment of the city’s economic vitality,” said Li Qiang, the Party secretary.

Shanghai has set clear objectives for service sector development by 2025, covering six major aspects — the level of competency, industry structure, quality and efficiency, momentum, layout and competitiveness.

For instance, the value-added output of knowledge-intensive service industries is expected to account for more than 40 percent of the city’s GDP, according to Li.

The productive service industry should contribute more than two-thirds of the city’s total value-added output of the service sector by then, Li added. The city will also build more than 15 demonstration areas for innovative development with distinctive features, high-end formats, outstanding proficiency and integrated functions.

The measures also lay emphasis on several shortcomings in the city’s service sector, putting forward that Shanghai will further improve government services and create a sound development environment.

“The service sector is a main support and a key driving force for Shanghai’s economic and social development,” Li said.

“We should further learn from the best and aim at the top of most international comparisons of services, to develop the city as a competitive metropolis based on the service economy.”




 

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