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China's tertiary industry accounts for 53.9% of total GDP

Updated: Jan 17,2020 04:08 PM    Xinhua

BEIJING — The added value of China's tertiary industry accounted for 53.9 percent of the country's GDP, up 0.6 percentage points year-on-year, the National Bureau of Statistics (NBS) said on Jan 17.

The service industry contributed 59.4 percent to national economic growth, NBS data showed.

Consumption's underpinning role in boosting economic growth was further reinforced, as the consumer spending contributed 57.8 percent of GDP growth in 2019.

The service consumption kept booming, as the proportion of service consumption reached 45.9 percent of the final consumption expenditure of residents, up 1.7 percentage points over last year, NBS's data showed.

China made substantial progress in supply-side structural reform in 2019, with the energy consumption per unit of GDP declining 2.6 percent from one year earlier. The nation's industrial capacity utilization rate stood at 76.6 percent, up 0.1 percentage points year-on-year.

The vitality of market entities was further unleashed. Around 23.77 million new market entities were established last year, with an average of 20,000 new enterprises set up every day.

By the end of 2019, the total number of market entities had reached 120 million.