China’s service sector has grown significantly in recent years. According to official data, services in finance, real estate, IT and private health care contributed more than 50 per cent of GDP in 2015. Therefore, the Chinese government is pinning its hopes on the service sector to reach annual GDP growth of at least 6.5 per cent until 2020. But expectations are too high; the service sector is not as strong as it seems.
In this China Monitor, the Mercator Institute for China Studies (MERICS) presents Max J. Zenglein’s research on the service sector.
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