Firms to Improve Service Sector as Numbers Tripled in 2013
More firms in China will be improving their service sector marking its economic structure based on the new normal. The number of firms in the Chinese service sector nearly tripled of the secondary industry by the end of the year. This is based on the results of the latest national economic census by the National Bureau of Statistics.
Although China is still struggling to adjust its economic structure to make sure that there will be a sustainable growth even after years of rapid advancement even with a continued slowdown which prompted the second largest economy to shift into a economic new normal that is focused on quality. The latest economic census has revealed that 10 million firms have engaged in the two industries up 52 percent from 2008. Firms in the tertiary industry took 74 percent which is up by 5.7 percent and a proportion of firms in the secondary sector shrink down to 23 percent.
The total assets coming from these firms in the two sectors have reached 466 trillion yuan last year up by 124 percent in which the service sector accounted for 73 percent of the total. Compared by sectors the wholesale and retail sectors saw the most firms which made up of 25 per cent of the total that if followed by manufacturing that has 20 percent, then public management, social security and social organizations with 14 percent each.