Building up services rapidly
Print Edition
SHANGHAI will develop the service sector rapidly to upgrade its economy toward an innovation-driven growth model.
The city will deepen supply-side structural reform of the service industry by upgrading traditional services while cultivating emerging services, said a statement released yesterday after a meeting of Shanghai’s 13th Five-Year (2016-2020) Plan for the service industry chaired by Mayor Yang Xiong.
The service industry has become a growth pillar of Shanghai’s economy as the sector expanded 9.7 percent annually during the 12th Five-Year (2011-2015) Plan period. The added value of service sector accounted for 67.8 percent of the city’s total while employees in the sector took up over 60 percent of the total employment in the city, official data showed.
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