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China Looks to Nurture High Quality Development of Service Sectors

China has recently announced a series of measures designed to boost the development of its services sector.

Among the designated priorities are the following:

Promoting Service Innovation

  • This will see an added emphasis on technology-related innovation and application and the establishment of a number of key generic technology platforms geared to meet the needs of the service sector

Establishing Service Standards

  • This will see moves made to align domestic service standards more closely with their international equivalents while, at the same time, trade and industry bodies will be encouraged to develop voluntary standards that are more rigorous in nature than their mandatory counterparts

Further Liberalising the Services Sectors

  • In line with this, the financial services sector will be further liberalised, while the process of deregulating certain aspects of the telecommunications, educational, medical, cultural and several other sectors will be accelerated

Expanding Service Consumption Options

  • This will see the elderly care services market more generally opened up, while priority will also be given to establishing a long-term care insurance programme on the basis of the pilot schemes already underway

Enhancing Human Resource Service Offerings

  • To deliver on this, added emphasis will be placed on establishing a world class standard of professional human resource facilities

Full details can be found in the Guiding Opinions on the High-Quality Development of the Service Industry in the New Era, as recently jointly issued by the National Development and Reform Commission and the State Administration for Market Regulation.

Source: State Administration for Market Regulation

Content provided by Picture: HKTDC Research
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