The importance of the growth of the service economy in China

Abstract

[eng] In the world, the service business is developing rapidly and focal point of the worldwide financial challenge is moving from merchandise exchange to service. The primary reason for this study is identifying the importance of the growth of the service industry during the period of 1990-2017 of the Chinese economy. This paper contrasts the macroeconomic data of China and the United States, United Kingdom, Germany, Japan, Russia and India, and analyses its evolution of the macroeconomic environment and the composition of GDP. In addition, this paper examines in detail the connection between the inside structures of China's tertiary industry and its improvement, particularly concentrating on the financial advantages of the travel industry. According to the regional division of China, there is a significant relationship between the growth of China's service industry and the regional economy in the tourism developed regions. In this way, the paper introduces the importance of the growth of the service economy in China from 3 aspects, which is very complete and comprehensive.