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IT is the fastest-growing sector in China’s service industry

Written by Song Jingli Published on   1 min read

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Added value in China’s data transmission, software, and information technology sector—a metric that indicates the financial worth of newly created software and IT solutions—has increased by 21.2% year-on-year in the first quarter of this year, 14.2 percentage points higher than the growth rate of the country’s service industry, Xinhua reported on Sunday, citing data from China’s National Bureau of Statistics.

The leasing sector followed in second place with an increase in added value by 8.3% year-on-year, 1.3 percentage points higher than the 7% growth rate of the entire service industry.

This is in line with the state of employment in this sector.

Job-seekers in the country’s internet sector were more likely to land a job in the first three months of this year than those seeking employment in traditional industries, such as the cultural and media sector, real estate, and financing.

Since 2015, China’s service industry has accounted for more than half of the country’s GDP and has been viewed as the main driver of China’s economic growth.

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