China has unveiled new targets for the country's service sector, aiming for average annual growth of 11 percent.

At a press conference on Monday, China’s Ministry of Commerce unveiled targets for the country’s service sector, set out in the 12th Five-Year Plan (2011-2015). The proposal aims to develop 30 service sectors, with special focus on telecommunications, financial services, IT, and media and communications. Under the plan, by 2015, total quantity of service trade will reach 600 billion U.S. dollars, with an average growth rate of 11 percent per annum.

Zhou Liujun, director of Department of Service Trade, MOFCOM, said:　"We will enhance areas with comparative advantages such as transportation, tourism, and the building industry. We will promote areas featured within Chinese culture, such as Chinese medicine, the arts, publishing, and the film industry. We will also put the focus on communication, finance, accounting, IT & IS, consulting, and outsourcing businesses."

China has long seen an imbalance between its service sector and manufacturing sector, with a growing service trade deficit. However, despite the negative balance, total trade quantity has been increasing. In the first three quarters of this year, the figure has risen nearly 19 percent, reaching 308 billion U.S. dollars in value, with 134 billion in exports, a 40 billion shortfall compared to imported services. China’s Ministry of Commerce says, although the economic situation is complex, opportunities for development are plentiful.

Source:cntv.cn