2011-03-08 15:56

China's plan to develop modern service industries during the 12th Five-Year Plan (2011-2015) period may be released in the first half of this year, China Securities Journal reported Tuesday，citing authoritative resources.

The source said the State Council has decided to include modern service sector development in its key planning projects under the 12th Five-Year Plan.

Zhu Hongren, chief engineer of the Ministry of Industry and Information Technology (MIIT), told the newspaper that the ministry will offer preferential policies to producer services in tax, financing and other fields.

Modern service industries include producer services and consumer services. Producer services provide work to manufacturing industries and cover information services, research and development, logistics and technology support. The MIIT is responsible for coordinating producer services.

China's producer service sector is currently under developed. Since the sector has high value added and low energy consumption rates, it will get a strong boost as the country transforms its economic pattern, said Shao Qing, a researcher with Ping An Securities.

According to Ping An Securities' estimate, the service sector will account for 55 percent of China's GDP by 2015, and producer service industries will account for 55 percent of the service sector. Shao said, by then, producer service industries' value added will reach 15.8 trillion yuan ($2.35 trillion), and the compound annual growth rate in the five years will be 21 percent.

Besides, four categories in the producer service industry are believed to have promising prospects. They are the information, research and development, logistics and technology support services， according to the newspaper.