A view of Jiangyan district, Taizhou city. [Photo/WeChat ID: jyrmzf]
The added value of the service sector in Jiangyan district, Taizhou city in East China's Jiangsu province topped 39.40 billion yuan ($5.71 billion) last year, accounting for 47.1 percent of regional GDP.
Businesses above a designated size – those with annual revenue of 20 million yuan and more – reached annual revenue of 8.82 billion yuan, up 4.4 percent year-on-year. The revenue of producer services hit 8.48 billion yuan, registering annual growth of 20.7 percent.
Jiangyan district has developed a modern service industry by adjusting its economic structure and transforming its growth model.
A night view of the Qinhu River National Wetland Park in Jiangyan district, Taizhou city. [Photo/WeChat ID: jyrmzf]
Jiangyan has ramped up its tax incentives and supporting policies to attract more enterprises. For example, housing rent worth a total of 1.86 million yuan was waived to ease the burden of small and micro enterprises and individual entrepreneurs in the service industry.
Jiangyan district also took pains to cultivate and develop influential market players, resulting in a series of major success stories at the provincial level. Continued efforts will be made to cultivate more service industry enterprises.
Jiangyan has also fully implemented its subsidy policies to support the services industry and plans are afoot for the district to continue to boost this sector by injecting new momentum into its development.