Services Sector Contribution to Chinese GDP Growth Rises to 59.1%

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The latest official data indicates that China’s services sector has further expanded its contribution to economic growth and employment.

Figures released on 19 July by China’s National Bureau of Statistics indicate that the services sector made a contribution of 59.1% to GDP growth in the first half of 2017, 21.3 percentage points ahead of the secondary sector.

Services sector added value comprised 54.1% of national GDP in the first half, for an increase of 0.1 percentage points compared to the same period last year, putting it 14.0 percentage points ahead of the secondary sector.

Services sector new hires comprised 73.7% of all new hires amongst enterprises above designated size, 47.5 percentage points ahead of the secondary sector.

Tax revenues derived from the services sector have risen sharply in tandem with growth in its employment and economic contribution levels. Services sector tax revenues hit 4.9 trillion yuan in the first half of 2017, for an increase of 10.4% compared to the same period last year.

Services sector tax revenues accounted for 57.6% of all tax revenues in the first half, for an increase of 1.9 percentage points compared to the first half.

 

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