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Economic structure further optimized with service sector and consumption play bigger role

By Ruiqi Zhang (People's Daily Online)    10:00, August 12, 2015
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Inspur, a company based in Shandong. (File photo)

Currently, 53 governmental institutes in Jinan are based in the Cloud Computing Center of Inspur Group, the largest fourth-generation database in Asia. This shortens the deployment period of information system by over 50 percent and reduces power consumption by 30 percent. Sun Pishu, CEO of Inspur, says: “Inspur Cloud has deployed cloud centers in 22 cities nationwide and the proportion of cloud service revenue has increased to 30 percent.”

According to the data of National Bureau of Statistics, in this first half of this year, the proportion of added value of the tertiary industry in GDP has increased to 49.5 percent, 5.8 percent higher than that of the secondary industry. The leading role of service sector has become more obvious. The economic growth remains in an intermediate and high speed and its quality keeps improving. The power consumption only increases by 1.3 percent and the energy consumption per unit of output value decrease by 5.9 percent. The tax revenue growth of the financial sector in the first half year reaches 31.4 percent and becomes the major driving force for tax revenue growth. The tax revenue growth in internet and software & information technology services increase by 24 percent and 23.7 percent respectively.

The Liu Village in Qingyan, Yiwu, the most well-known Taobao village, has over 15,000 e-commerce workers, more than 2,800 online stores and nearly 30 express companies. There are over 200 Taobao villages like this in China. Since the beginning of the year, the online retail sales have kept a high growth rate of nearly 40 percent domestically and the emerging industries relying on internet consumption grows vigorously. In the first half of this year, the contribution of final consumption takes up 60 percent of the economic growth, increasing 5.7 percent on a year-on-year basis. Consumption of service sectors such as information, tourism, recreation and culture accelerates solidly. The revenue of delivery sector and the package quantity both set a new historical record.  

In the first half of 2015, newly registered enterprises in the tertiary industry take up 80.3 percent of the total enterprises in the industry. The powerful driving force of service sector provides plenty of opportunities for those start their own business, effectively increases the capacity of Chinese economy in absorbing employment and boosts income growth of residents.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Zhang Ruiqi,Bianji)

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