Boosting the modern service industry

The service industry has been a vital indicator in evaluating whether an economy is advanced or not, as it tends to account for the majority of economic growth in developed countries.

The service industry contributes to the optimization of the economic structure, economic growth and people’s livelihoods. What Shanxi needs is to promote the service industry, particularly financial services, and raise the proportion of services in the local industrial system.

"Shanxi should strengthen the management of the finance industry and its influence on modern services to build the province into a financial hub for North and West China," said Sun Haichao, chairman of Shanxi Investment Group.

In his view, combing the finance industry with other emerging industries, such as logistics and the Internet, will greatly boost the service industry and support the local economy.