Services sector to increase its economic worth (3)

He attributed the underdevelopment of the sector to the country's heavy reliance on manufacturing and processing in recent decades.

"It takes time for the public to realize the importance of an emerging sector. And regulations and policies in the sector still need to be improved," Lu said.

He added that a comprehensive guideline for the sector, the 12th Five-Year Plan (2011-15) on Services Industries, is now due to be issued "soon after the Party's national congress".

A total of 34 departments, including the Ministry of Commerce and the National Development and Reform Commission, jointly released the 12th Five-Year Plan on Trade in Services in November 2011.

It said that by 2015 China's total imports and exports of services are expected to hit $600 billion, with an annual growth rate of 10 percent.

In addition to lifestyle-related service industries, the sector also covers manufacturing-related activities, which can be improved through increased spending on research and development, improved logistics and financing, Lu said.

Fred Lam from HKTDC, added: "Services industries will play a more important role in mainland enterprises securing resources, particularly as they need to upgrade and transform their offerings, and expand overseas."

He added that "Hong Kong will remain a perfect bridge for mainland enterprises to explore international markets, and its services industries will help them improve competitiveness".

Hong Kong Financial Secretary John C. Tsang said that the services industry accounted for 89 percent of Hong Kong's employment in 2011.

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