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Service sector GDP ratio hits record high in 2016

Updated: Jan 20,2017 1:55 PM     Xinhua

BEIJING — China’s service sector accounted for 51.6 percent of GDP in 2016, up 1.4 percentage points year on year, National Bureau of Statistics (NBS) data showed on Jan 20.

The service sector ratio exceeded 50 percent for the first time in 2015. Value added in the service sector increased 7.8 percent year on year to 38.4 trillion yuan ($5.6 trillion), while growth was 3.3 percent for the primary sector and 6.1 percent for the secondary sector.

Investment in the service sector increased 10.9 percent year on year in 2016 to 34.6 trillion yuan.

China’s economy grew 6.7 percent year on year in 2016, the slowest pace of growth in 26 years, but well within the government’s target range of 6.5 to 7 percent. Growth in the fourth quarter came in at 6.8 percent, accelerating from 6.7 percent in the third quarter.