BEIJING, Dec. 9 (Xinhua) -- Annual output of China's service sector may exceed that of the secondary sector for the first time ever in 2013, an expert said Monday.
In the first nine months of the year, value-added output of the service sector reached 17.6 trillion yuan (1.17 trillion U.S. dollars), slightly more than 17.51 trillion yuan for manufacturing, data from the National Bureau of Statistics showed.
The service sector's annual output may top that of secondary industry, or manufacturing, in 2013 for the first time, marking a historic change in the country's economic restructuring, Zhang Zhigang, head of the China General Chamber of Commerce, said at a forum.
Zhang lauded China's policies to replace turnover tax with value-added tax (VAT) within the service sector in order to reduce double taxation and alleviate the burden of affected companies.
"The move is very helpful for promoting the growth of the service sector, and the effects of policy will further emerge after implementation," he said, adding that VAT reform may reduce the tax burden by 120 billion yuan this year.
Following regional experiments since the beginning of 2012, VAT reform was rolled out throughout the country on Aug. 1, reducing taxes on businesses by 94 billion yuan in the first 10 months of this year.
"It is a common trend of industrial transformation in developed nations for the service sector to become the largest in the national economy," Zhang said.
Xinhua Insight: China's inflation moderates in Nov., positive to markets
BEIJING, Dec. 9 (Xinhua) -- Monday's figures showed inflation in China easing in November.
Analysts believe slower rising prices coupled with slightly improving growth prospects should positively influence markets and policymakers.
The consumer price index (CPI), a main gauge of inflation, grew 3 percent year-on-year in November, down from 3.2 percent in October, the National Bureau of Statistics (NBS) said on Monday. Full story
China's November PPI down 1.4 pct
BEIJING, Dec. 9 (Xinhua) -- China's producer price index (PPI) contracted 1.4 percent year on year in November, following a 1.5-percent drop in October, data from the National Bureau of Statistics showed on Monday. Full story
China's trade surplus hits 34 bln
BEIJING, Dec. 8 (Xinhua) -- China's trade surplus hit 33.8 billion U.S. dollars in November, according to the General Administration of Customs on Sunday. Full story
China's services PMI falls slightly in Nov.: HSBC
BEIJING, Dec. 4 (Xinhua) -- China's service sector expanded steadily in November, with the HSBC China Services purchasing managers' index (PMI) edging down slightly to 52.5 in November from 52.6 in October, banking giant HSBC said Wednesday in a statement. Full story
China's non-manufacturing PMI drops in November
BEIJING, Dec. 3 (Xinhua) -- The purchasing managers index (PMI) for China's non-manufacturing sector stood at 56 percent in November, down from 56.3 percent for October, according to official data released on Tuesday. Full story