Increase of 7.6% for the Chinese Service Sector in Q1 of 2016
- Written by: Bridgewest
- Posted: 2016-04-27
Those who are interested in the business prospects that can arise on the Chinese market should know that the service sector started 2016 with a solid growth, established at 7.6%. The Chinese government enacted policies to boost the local consumption and the first results have been noticed in the service sector, which surpassed any other type of financial sectors. Foreign investors who want to find out more details on the characteristics of the Chinese market can receive an in-depth presentation on this topic from our team of lawyers in China.
Service sector in China
The positive economic results registered in China were mainly sustained by the growth of the service sector. The National Development and Reform Commission recently declared that, within the service sector (also referred to as tertiary sector), the most representative results were represented by electric energy consumption, which increased by 10,9%.
For the primary and secondary sectors the increase in the consumption of electricity was situated much lower, at 0,2% and 7,8%.
An important aspect related to the tertiary sector is that in the first quarter of 2016, it accounted for 56,9% of the total Gross Domestic Product (GDP) of the country; our lawyers in China can further develop this subject.
Chinese industries with positive results in the first quarter of 2016
Foreign investors who want to open a company in China should know that in the first quarter of 2016, several industries benefited of positive financial results.
The real estate sector was one of the industries with solid results; compared to the situation registered in the first quarter of 2015, the sales in this field increased in 2016 by 54,1%. Retail sales also experienced a financial growth (online retail sales) 27,8% on a year-to-year basis.
A growing trend on the Chinese market refers to online medical services, which have also increased in 2016. Such services started from booking an appointment at a local clinic on the internet and developed to on-line consultations with doctors situated in another region, due to a local interest in this type of services.
Persons who need to find out more details on the Chinese service sector may contact our law firm in China for consultations.