An Analysis of the Development of Modern Service Industry in China's National Strategy

Abstract

Through the comparison of the data and development experience of China with other major developed countries, this paper finds that China's modern service industry is still in the stage which industrial contribution rate is lower, the development speed is slower and lacks international competitiveness. The main factors that restrict the development of modern service industry in China include the urbanization development lags behind, the industrial process is still in the middle and late stage, and the system and industrial structure are unreasonable. This paper argues that the promotion of the development of modern service industry must give priority to the development of manufacturing industry with high added value so that it can increase per-capita GDP, and lay a solid foundation for urbanization and industrialization.