China’s transformation into a services-led economy continues. During the first quarter, the service sector accounted for 62% of growth and represented 56% of total GDP, compared to just 42% back in 2006. Is the trend sustainable, and does it matter in terms of China's economic future?
China reported stronger-than-expected headline GDP of 6.9% year-on-year for the first quarter, underpinned by strong growth in the service sector, which continued to outperform, growing at a 7.7% clip and contributing 62% of the headline growth.
The National Bureau of Statistics highlighted the strong performance of two emerging sectors. IT, software and communications expanded 19.1%, while leasing and commercial services rose 10.2% during the first three months. The size of these two sectors combined is comparable to that of real estate services sector, whic...
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