November 29, China plans to support 30 high-value-added service industries in a bid to accelerate the growth of service trade in the 12th 5-year period (2011-2015), the official Shanghai Securities News reported on Tuesday.

The nation has set a target of generating $600 billion worth of service trade in 2015, which means an annual growth rate of more than 11%, according to guidelines issued by the Ministry of Commerce on Monday.

China’s service trade is expected to reach $410 billion this year, according to Zhou Liujun, director of the department of trade in services and commercial services at the ministry.

In the previous 5 years the country’s service trade grew 17.3% annually, almost doubling from $191.7 billion in 2006 to $362.4 billion in 2010, according to Zhou.

“The 11% growth target we set is lower than what we have achieved in previous years because we are concerned about uncertainties in the global economic recovery, such as the debt crises in the United States and Europe,” Zhou said.

30 Industries

According to the guidelines, specific supports will be provided for 30 industries including tourism, IT services, education, accounting and advertising.

Part of the 30 industries, such as tourism and construction services, are fields in which China has traditional strengths, while the guidelines will also foster emerging service sectors including consulting, computing and information technology, the paper said.

Among the 30 industries, 7 of them are related to transportation and logistics: ocean shipping, air, rail, highway, freight agency service, mailing and express and distribution services, the guidelines said.

“Logistics is a fundamental part of the service trade. The new guidelines show the government’s emphasis on the development of this sector,” said Li Lei, an analyst at China Securities.

Source:21cbh.com