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China's tertiary industry is expected to register an average annual
growth rate of 8.2 percent by the end of the year, contributing
more to the country's economic growth compared with four years ago.
A senior official with the State Development Planning Commission
said today that some 47 percent of the country's GDP will come from
the tertiary industry during the ninth Five-Year Plan period (1996-2000).
"Development of the tertiary industry is a significant part
of China's ninth Five-Year Plan. Since 1996, the industry has continued
to grow and many sectors in the industry have become new forces
boosting the country's economic growth," said the official.
Latest statistics show that the added value of the tertiary industry
increased by 660 billion yuan from 1996 to 1999, an annual increase
of 8.18 percent. It accounted for 32.9 percent of the national GDP
growth, up from 30.1 percent four years ago.
More than 10 million people have entered the tertiary industry during
the same period, accounting for more than 60 percent of the country's
total. Both first and second industries saw a fall in employment,
down 0.4 and 0.5 percent respectively.
Experts predict that the tertiary industry will play an even more
important role in attracting labor force and promoting economic
growth in the coming years.
Fundamental reforms have been carried out in the industry during
the period. The telecom sector broke its monopoly and is set to
introduce an effective management method. The housing sector abolished
the welfare housing system, and introduced regulations on opening
second-hand housing market. China also allows insurance capital
into the securities market.
Tourism and telecommunications also grew at an incredible speed.
From 1996 to 2000, China earned US$14.1 billion and 283.1 billion
yuan from tourism. There are 200 million phone subscribers in China,
with 65 million mobile phone users.
(People's Daily 09/27/2000)
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