Service industry | govt.chinadaily.com.cn

Service industry

Updated: Dec 17, 2018 govt.chinadaily.com.cn Print

Tertiary industry has become a major driving force for economic growth of Shandong province, leading the modern industrial structure to further consolidation. Modern service industries such as finance, express services, software and information services, culture, and sports and entertainment gather momentum each day.

Shandong's service industry has been expanding at a fast pace for many years. Its added value in 2017 reached 3.49 trillion yuan, ranking third in the country, contributing 56.4 percent of the province's GDP and increasing GDP by 4.2 percent.

E-commerce in Shandong is maintaining steady growth. Online retail sales of physical goods and commodities saw year-on-year growth of 46.8 percent in 2017, and cross-border e-commerce imports and exports increased fourfold by 1.98 billion yuan, with exports of 1.23 billion yuan, doubling year-on-year.

More than 3,000 e-commerce platforms are in operation, some of which have emerged as influential enterprises, such as Haier, Red Collar, Jiuyang and Han du Cottage.

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