The added value of the service industry in Jinhua, East China's Zhejiang province, grew by 9.2 percent in the first half of this year, 0.8 percentage points higher than the provincial average, local media reported on Aug 3.
The service industry has become a new driving force for the city's economic growth. By 2022, the added value of the service industry accounted for over 55 percent of Jinhua's GDP, and market entities accounted for 81 percent of the city's total.
The rapid increase was largely due to the implementation of a series of measures rolled out by authorities to drive the high-quality development of the service sector as well as the release of an action plan this year.
According to the plan, authorities have been focusing on strengthening five production-oriented service industries, namely international trade, digital services, modern logistics, modern finance, and technology services, as well as expanding four life-oriented service industries, including commercial and trade services, cultural tourism, health services, and residential services.
Authorities have also been channeling resources into establishing innovative development zones, with five zones selected as provincial modern service industry innovative development zones this year, bringing the total number to 12. The zones focus on areas such as modern logistics, modern finance, and cultural tourism.
Jinhua invested 5 billion yuan ($696.47 million) to build an information technology industrial park, where new-generation information technology services, finance, and headquarters economy will be featured.
In addition, Jinhua is actively building the East China International Intermodal Port and the Yiwu (Suxi) International Hub Port. The "Yiwu-Xinjiang-Europe" China-Europe freight train operated a total of 1,366 trains from January to June, a year-on-year increase of 16.1 percent.
